Exercise 4-11 The following are selected ledger accounts of Kingbird Corporation at December 31, 2017 Cash Inventory Sales revenue Unearned sales revenue Purchases Sales discounts Purchase discounts Selling expenses Salaries and wages expense (sales) Salaries and wages expense (office) $285,300 347,300 16,300 80,300 73,300 143,800 84,300 18,300 33,300 9,300 241,300 71,300 177,300 901,300 $186,300 536,300 4,276,300 Purchase returns 118,300 Sales returns and allowances 2,787,300 Freight-in 35,300 Accounts receivable 28,300 Sales commissions 70,300 Telephone and Internet expense (sales) 4,300 Utilities expense (office) 25,300 Miscellaneous office expenses 5,300 Rent revenue 94,300 Casualty loss (before tax) 49,300 37,300 Accounting and legal services Insurance expense (office) Advertising expense Delivery expense Depreciation expense (office equipment) Depreciation expense (sales equipment) Interest expense Common stock ($10 par) Kingbird's effective tax rate on all items is 34%. A physical inventory indicates that the ending inventory is $687,300. Prepare a condensed 2017 income statement for Kingbird Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)