Exercise 4-6 Your answer is partially correct. Try again The following balances were taken from the books of Vaughn Corp. on December 31, 2017 Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts 87,850 52,850 541,850 29,850 156,850 195,350 171,350 101,850 98,850 33,350 61,350 101,850 151,as0 501,350 22,350 1,381,as Notes receivable 151,350 Sengexpenses 350 Accounts payable Donds payable Administrative and general expenses 8,850 350 Accrued liabilities 1,850 Interest expense Equipment Notes payable 41,50 Loss from earthquake damage 622,850 Common stock Cost of goods sold Retained earnings Assume the total effective tax rate on all items is 34%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48.,) VAUGHN CORP For the Year Ended December 31, 201 Retained Earnings, January 1 Sales Revenue 1381 Less Sales Discounts 46 Sales Returns and Allowances 151 198 Net Seles 984,450 Cost of Goods Sold Gross Profit (Loss) Operating Expenses Selling Expenses 560 98 97000 Income From Operations Other Revenues and Gains Interest Revenue 587 Other Expenses and Losse:s Interest Expense 61 Loss from Earthquake Damage Income Before Income Tax Income Tax Expense Net Incorme(Loss) Earnings Per Common Share Click if you would like to Show Work for this question: eblank Show Work LIST OF ACCOUNTS