Exercise 4-11 The following are selected ledger accounts of Bonita Corporation at December 31, 2020. Cash $196,100 Salaries and wages expense (sales) $301,040 Inventory 567,100 Salaries and wages expense office) 366,760 Sales revenue 4,531,500 Purchase returns 15,900 Unearned sales revenue 124,020 Sales returns and allowances 83,740 Purchases 2,953,160 Freight-in 76,320 Sales discounts 36,040 Accounts receivable 151,050 Purchase discounts 28,620 Sales commissions 87,980 Selling expenses 73,140 Telephone and Internet expense (sales) 18,020 Accounting and legal services 34,980 Utilities expense (office) 33,920 Insurance expense (office) 25,440 Miscellaneous office expenses 8,480 Advertising expense 57,240 Rent revenue 254,400 Delivery expense 98,580 Casualty loss (before tax) 74,200 Depreciation expense (office equipment) 50,880 Interest expense 186,560 Depreciation expense (sales equipment) 38,160 Common stock ($10 par) 689,360 Bonita'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 Bonita Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) BONITA CORPORATION Income Statement For the Year Ended December 31, 2020 Applicable Income Tax Dividends Earnings Per Share Expenses Gross Profit / (Loss) Income Before Income Tax Income From Operations Net Income / (Loss) Net Sales Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues