Exercise 4-06 The following balances were taken from the books of Novak Corp. on December 31, 2020. Interest revenue $88,200 Accumulated depreciation-equipment Cash 53,200 Accumulated depreciation-buildings Accumulated Sales revenue 1,382,200 Notes receivable Accounts receivable 152,200 Selling expenses Prepaid insurance 22,200 Accounts payable Sales returns and allowances 152,200 Bonds payable Allowance for doubtful accounts 9,200 Administrative and general expenses Sales discounts 47,200 Accrued liabilities Land 102,200 Interest expense Equipment 202,200 Notes payable Buildings 142,200 Loss from earthquake damage Cost of goods sold 623,200 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.)