Exercise 4-07 a-b The accountant of Whispering Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2020. Rent revenue $31,000 Interest expense 20,000 Market appreciation on land above cost 33,000 Salaries and wages expense (selling) 116,800 Supplies expense (selling) 19,600 Income tax 25,100 Salaries and wages expense (administrative) 137,900 Other administrative expenses 53,700 Cost of goods sold 498,000 Net sales 982,000 Depreciation on plant assets (70% selling, 30% administrative) 67,000 Cash dividends declared 18,000 There were 20,000 shares of common stock outstanding during the year. Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.) WHISPERING SHOE CO. Income Statement $L $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO VIDEO Prepare a single-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.) WHISPERING SHOE CO. Income Statement $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO VIDEO Question Attempts: Unlimited