Exercise 4-11 The following are selected ledger accounts of Ivanhoe Corporation at December 31, 2017 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) 50,420 Interest expense Depreciation expense (sales equipment) 38,420 Common stock ($10 par) $187,420 Salaries and wages expense (sales$286,420 348,420 17,420 81,420 74,420 144,920 85,420 71,420 Telephone and Internet expense (sales) 19,420 34,420 10,420 242,420 72,420 178,420 902,420 537,420 4,277,420 119,420 Salaries and wages expense (office) Purchase returns Sales returns and allowances 2,788,420 Freight-in 36,420 Accounts receivable 29,420 Sales commissions 35,420 26,420 56,420 95,420 Utilities expense (office) Miscellaneous office expenses Rent revenue Casualty loss (before tax) Ivanhoe's effective tax rate on all items is 34%. A physical inventory indicates that the ending inventory is $688,420 Prepare a condensed 2017 income statement for Ivanhoe Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) VANHOE CORPORATION Income Statement For the Year Ended December 31, 2017 v Net Sales Cost of Goods Sold Gross Profit / (Loss) Selling Expenses Administrative Expenses Income From Operations Rent Revenue Casualty loss Interest Expense Income Before Income Tax Income Tax Expense Net Income (Loss) Earnings Per Share