(Condensed Income StatementPeriodic Inventory Method) The following are selected ledger accounts of Holland Rose Corporation at December 31, 2023:

Cash $185,000 Entertainment expense $69,000

Inventory (as at Jan. 1, 2023) 535,000 Office expense 33,000

Sales revenue 4,275,000 Insurance expense 24,000

Unearned revenue 117,000 Advertising expense 54,000

Purchases 2,786,000 Freight out 93,000

Sales discounts 34,000 Depreciation expense of office equipment 48,000

Purchase discounts 27,000

Salaries and wages expense (sales) 284,000 Depreciation expense of sales equipment 36,000

Salaries and wages expense (administrative) $346,000 Telephone and internet expense (sales) $17,000

Purchase returns and allowances 15,000 Utilities expense (administrative) 32,000

Sales returns and allowances 79,000 Miscellaneous expense 8,000

Freight in 72,000 Rental revenue 240,000

Accounts receivable 142,500 Loss on disposal of equipment 70,000

Sales commission expense 83,000 Interest expense 176,000

Common shares 900,000

Holland Roses effective tax rate on all items is 25%. A physical inventory shows that the ending inventory is $686,000. The number of common shares outstanding is 90,000. Instructions Prepare a condensed multiple-step 2023 income statement for Holland Rose, showing expenses by function. Holland Rose follows ASPE but decides to disclose EPS on its income statement.