Exercise 4-14

The following are selected ledger accounts of Concord Corporation at December 31, 2017:

Cash

$190,000

Entertainment expense

$70,600

Inventory (as of Jan. 1, 2017)

538,000

Office expense

33,600

Sales revenue

4,271,000

Insurance expense

24,300

Unearned revenue

113,000

Advertising expense

51,600

Purchases

2,711,000

Freight-out

93,800

Sales discounts

32,000

Depreciation of office equipment

51,100

Purchase discounts

25,000

Depreciation of sales equipment

35,000

Salaries and wages (sales)

285,000

Telephone and Internet expense (sales)

17,800

Salaries and wages (administrative)

342,000

Utilities expense (administrative)

31,000

Purchase returns and allowances

15,000

Miscellaneous expense

6,300

Sales returns and allowances

76,000

Rental revenue

240,000

Freight-in

69,000

Loss on disposal of equipment

65,000

Accounts receivable

141,300

Interest expense

182,000

Sales commission expense

81,500

Common shares

860,000

Holland's effective tax rate on all items is 30%. A physical inventory indicates that the ending inventory is $686,000. The number of common shares outstanding is 86,000.

Make a condensed multi-step 2017 income statement for Concord Corporation, showing expenses by function. Include calculation of EPS.(Round per share answer to 2 decimal places, e.g. 52.74.)