II. Presented below are selected ledger accounts of Metro Inc. at December 31, 20x1. Cash Merchandise inventory Sales Advances from customers Purchases Sales discounts Purchase discounts Sales salaries Office salaries Purchase returns Sales returns Transportation-in Accounts receivable Sales commissions (paid) 185,000 | Travel and entertainment 535,000 Accounting services 4,275,000 Insurance expense 117,000 Advertising 2,786,000 Prepaid income tax 34,000 Depreciation of office equipment 27,000 Depreciation of sales equipment 284,000 Telephone - sales 346,000 | Utilities - office 15,000 Unearned rent 79,000 Rental revenue 72,000 Flood loss (before tax) 142,500 Interest expense 83,000 Common stock ($10 par) 69,000 33,000 24,000 54,000 93,000 48,000 36,000 17,000 32,000 8,000 240,000 70,000 176,000 900,000 Metro's tax rate on all items is 34%. A physical inventory indicates that the ending inventory is $686,000. A pretax $5,000 loss was recognized on the sale of Division Y (a major component of the company). This division had earned a pretax operating income of $2,500 in 20x1. Prepare a multiple-step income statement for the year ending December 31, 20x1. Some of the above accounts are not reported on the income statement. You must report the earnings per share