Exercise 4 11 The following are selected ledger accounts of Sunland Corporation at December 31, 2020 Cash $210,900 Salaries and wages expense (sales) $323,760 Inventory 609,900 Salaries and wages expense (office) 394,440 Sales revenue 4,873,500 Purchase returns 17,100 Unearned sales revenue 133,380 Sales returns and allowances 90,060 Purchases 3,176,040 Freight in 82,080 Sales discounts 38,760 Accounts receivable 162,450 Purchase discounts 30,780 Sales commissions 94,620 Selling expenses 78,660 Telephone and Internet expense (sales) 19,380 Accounting and legal services 37,620 Utilities expense (office) 36,480 Insurance expense (office) 27,360 Miscellaneous office expenses 9,120 Advertising expense 61,560 Rent revenue 273,600 Delivery expense 106,020 Casualty loss (before tax) 79,800 Depreciation expense (office equipment) 54,720 Interest expense 200,640 Depreciation expense (sales equipment) 41,040 Common stock ($10 par) 637,840 Sunlands 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 Sunland Corporation (Round earnings per share to 2 decimal places, e g 1 48 )

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Exercise 4-11 The following are selected ledger accounts of Sunland Corporation at December 31, 2020. Cash $210,900 Salaries and wages expense (sales) $323,760 Inventory 609,900

Exercise 4-11

The following are selected ledger accounts of Sunland Corporation at December 31, 2020.

Cash	$210,900	Salaries and wages expense (sales)	$323,760
Inventory	609,900	Salaries and wages expense (office)	394,440
Sales revenue	4,873,500	Purchase returns	17,100
Unearned sales revenue	133,380	Sales returns and allowances	90,060
Purchases	3,176,040	Freight-in	82,080
Sales discounts	38,760	Accounts receivable	162,450
Purchase discounts	30,780	Sales commissions	94,620
Selling expenses	78,660	Telephone and Internet expense (sales)	19,380
Accounting and legal services	37,620	Utilities expense (office)	36,480
Insurance expense (office)	27,360	Miscellaneous office expenses	9,120
Advertising expense	61,560	Rent revenue	273,600
Delivery expense	106,020	Casualty loss (before tax)	79,800
Depreciation expense (office equipment)	54,720	Interest expense	200,640
Depreciation expense (sales equipment)	41,040	Common stock ($10 par)	637,840

Sunlands 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 Sunland Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)