Exercise 4-06 The following balances were taken from the books of Novak Corp. on December 31, 2020. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold $88,200 53,200 1,382,200 152,200 22,200 152,200 9,200 47,200 102,200 202,200 142,200 623,200 Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings $42,200 30,200 157,200 196,200 172,200 102,200 99,200 34,200 62,200 102,200 152,200 502,200 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 e.g. 1.48.) NOVA CORP CALCULATOR MESSAGE MY INS NOVAK CORP. Income Statement For the Year Ended December 31, 2020 Sales Sales Revenue Less 1382200 Cost of Goods Sold 623,200 Sales Returns and Allov 152200 Operating Expenses 606800 Selling Expenses 196200 Co search CALCULATOR MESSAGE Per share of common stock: Click if you would like to Show Work for this question: Open Show Work re to search