Exercise 4-11 The following are selected ledger accounts of Blossom Corporation at December 31, 2020. Cash Inventory Sales revenue Unearned sales revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense Depreciation expense (office equipment) Depreciation expense (sales equipment) $247,900 Salaries and wages expense (sales) 716,900 Salaries and wages expense (office) 5,728,500 Purchase returns 156,780 Sales returns and allowances 3,733,240 Freight-in 45,560 Accounts receivable 36,180 Sales commissions 92,460 Telephone and Internet expense (sales) 44,220 Utilities expense (office) 32,160 Miscellaneous office expenses 72,360 Rent revenue 124,620 Casualty loss (before tax) 64,320 Interest expense 48,240 Common stock ($10 par) $380,560 463,640 20,100 105,860 96,480 190,950 111,220 22,780 42,880 10,720 321,600 93,800 235,840 678,720 Blossom'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 Blossom Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) BLOSSOM CORPORATION Income Statement CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT) NEXT $ $