Far December 31, 20X1, the talance sheel af Baxler Corporation was as follows Liabilities Current Assets S11.000 Accounts payable S 13.000 Cash cuntsreceivable Prepaid expesived Assets 12.100 Stockboldors' Equity 21.00 Prelered slock 21,000 Accumulated depraciation 200 a0 in Capita S265,900 T Net plant and equipment al labilities and stockholdars equlte 265.900 Total assets Sales 20x2 were $225,000, and the cost of goods sold was 60 percent of sales. Selling and administrative expense was $22,500. Depreciation expense was 9 percent of plant and equipment (gross) at the beginning of the year. Interest expense for the notes payable was 11 percent, interest rate cn the bonds payable was 13 percent, This interest expense is based on December 31, 20x1 balances. etax rate averaged 20 percent. while $2,100 in prefemred stock dividends were paid, and $6,04G in dividends were paid to common stockholders. There were 10,000 shares af common stock outstanding During 20X2, the cash balance and prepaid expenses balances were unchanged, Acoounts recevable and imventory increased by 11 peroent A new machine was purchased an Cecember 31, 20X2, at a cast of $36.000 Accounts payabie Increased by 20 percent. Notes payable increased by 56,100 and bonds payable decroasod by $10,500, both at the end of the year. The proforred stock, common stock, and capital paid in excess of par accounts did not change. a. Prepare an income statement for 20X2. (Round EPS answer to 2 decimal places.) Baxter Corporation 20X2 Income Statement Eamings aveilsble to common stockholders Shares cutslanding Earmings share