Exercise 4-11 The following are selected ledger accounts of Sheffield 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) $225,700 Salaries and wages expense (sales) 652,700 Salaries and wages expense (office) 5,215,500 Purchase returns 142,740 Sales returns and allowances 3,398,920 Freight-in 41,480 Accounts receivable 32,940 Sales commissions 84,180 Telephone and Internet expense (sales) 40,260 Utilities expense (office) 29,280 Miscellaneous office expenses 65,880 Rent revenue 113,460 Casualty loss (before tax) 58,560 Interest expense 43,920 Common stock ($10 par) $346,480 422,120 18,300 96,380 87,840 173,850 101,260 20,740 39,040 9,760 292,800 85,400 214,720 781,760 Sheffield'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 Sheffield Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) SHEFFIELD CORPORATION Income Statement