Exercise 4-11 Your answer is partially correct. Try again The following are selected ledger accounts of Buffalo Corporation at December 31, 2017 Cash $188,840 Salaries and wages expense (sales) $287,840 Inventory 538,840 Salaries and wages expense (office) 349,840 Sales revenue 4,278,840 Purchase returns 18,840 82,840 Unearned sales revenue 120,840 Sales returns and allowances Purchases 2,789,840 Freight-in 75,840 146,340 Sales discounts 37,840 Accounts receivable 86,840 Purchase discounts 30,840 Sales commission Selling expenses 72,840 Telephone and Internet expense (sales) 20,840 35,840 Accounting and legal services 36,840 Utilities expense (office) 11,840 Insurance expense (office) 27,840 Miscellaneous office expenses 243,840 Advertising expense 57,840 Rent revenue 73,840 Delivery expense 96,840 Casualty loss (before tax) 179,840 Depreciation expense (office equipment) 51,840 Interest expense Depreciation expense (sales equipment) 39,840 Common stock ($10 par) 903,840 Buffalo's effective tax rate on all items is 34%. A physical inventory indicates that the ending inventory is $689,840 Prepare a condensed 2017 income statement for Buffalo Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) BUFFALO CORPORATION Income Statement For the Year Ended December 31, 2017 41,58,160 Net Sales 26,65,000 Cost of Goods Sold Gross Profit/ (Loss) 14,93,160 7,00720 Selling Expenses 5,14,040 Administrative Expenses 12,14,760 2,78,400 Income From Operations Rent Revenue 2,43,840 Interest Expense (1,79,840) (73,840) (1,79,840) Interest Expense (73,840) Casualty loss (9,840) Income Before Income Tax 2,68,560 91,310 Income Tax Expense 1,77,250 Net Income (Loss) 0.25 Earnings Per Share Click if you would like to Show Work for this question: Open Show Work