Current Attempt in Progress Your answer is partially correct. The following are selected ledger accounts of Sunland Corporation at December 31, 2020. Cash Inventory $210,900 609,900 Sales revenue 4,873,500 Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns $323,760 394,440 17,100 Unearned sales revenue 133,380 Sales returns and allowances 90,060 Purchases 3,176,040 Freight-in 82,080 Sales discounts 38,760 Accounts receivable 162,450 Purchase discounts 30,780 Sales commissions 94,620 Selling expenses 78,660 Telephone and Internet expense (sales) 19,380 Accounting and legal services 37,620 Utilities expense (office) 36,480 Insurance expense (office) 27,360 Miscellaneous office expenses 9,120 Advertising expense 61,560 Rent revenue 273,600 Delivery expense 106,020 Casualty loss (before tax) 79,800 Depreciation expense (office equipment) 54,720 Interest expense 200,640 Depreciation expense (sales equipment) 41,040 Common stock ($10 par) 637,840 Sunland's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000. Prepare a condensed 2020 income statement for Sunland Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) Net Sales Cost of Goods Sold Gross Profit/(Loss) Selling Expenses SUNLAND CORPORATION Income Statement For the Year Ended December 31, 2020 $ 725040 i Administrative Expenses 559740 i Income From Operations Rent Revenue Interest Expense Income Tax Expense Income Before Income Tax Casualty loss Net Income/(Loss) Net Income/(Loss) 4744680 3134140 i 1610540 325760 325670 273600 200640 i 79726 318904 318976 79800 $ 255064 $ 255136