Current Attempt in Progress The following balances were taken from the books of Novak Corp. on December 31, 2020. Interest revenue $88,200 Accumulated depreciation-equipment $42,200 Cash 53,200 Accumulated depreciation-buildings 30,200 Sales revenue 1,382,200 Notes receivable 157,200 Accounts receivable 152,200 Selling expenses 196,200 Prepaid insurance 22,200 Accounts payable 172,200 Sales returns and allowances 152,200 Bonds payable 102,200 Allowance for doubtful accounts 9,200 Administrative and general expenses 99,200 Sales discounts 47,200 Accrued liabilities 34,200 Land 102,200 Interest expense 62,200 Equipment 202,200 Notes payable 102,200 Buildings 142,200 Loss from earthquake damage 152,200 Cost of goods sold 623,200 Common stock 502,200 Retained earnings 23,200 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, eg. 1.48.) Retained Earnings, December 31 Sales Revenue Less Sales Discounts Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit/(Loss) Operating Expenses Selling Expenses Administrative and General Expenses Income From Operations Other Revenues and Gains Interest Revenue Other Revenues and Gains Rent Revenue Income Before Income Tax Earnings Per Common Share Per share of common stock: Earnings Per Common Share NOVAK CORP. Income Statement For the Year Ended December 31, 2020 $ -47200 152,000 1382200 1182800