Instructions Prepare an income statement for the year 2020, starting with income from continuing operations before taxes. Compute earnings per share as it should be shown on the face of the income statement. Common shares outstanding for the year are 200,000 shares. (Assume a tax rate of 30% on all items, unless indicated otherwise.) P4.4B (LO 2,3,4,5) (Multiple- and Single-Step Income, Retained Earnings) The following account balances were included in the trial balance of Castle Corporation at June 30, 2020: Sales revenue $2,100,500 Depreciation expense (office furniture Sales discounts 12,680 and equipment) $ 8,680 Cost of goods sold 1.490,300 Property tax expense 12,900 Salaries and wages expense (sales) 54.600 Bad debt expense (selling) 8.630 Sales commissions 135,800 Maintenance and repairs Travel expense (salespersons) 41,600 expense administration) 4,860 Freight-out 31.800 Office expense 7.500 Entertainment expense 21,930 Sales returns and allowances 36,870 Telephone and Internet expense (sales) 11,300 Dividends received 21,000 Depreciation expense (sales equipment) 3,500 Interest expense 37,500 Maintenance and repairs expense (sales) 2,900 Income tax expense 68,00 Miscellaneous expenses (sales) 6,570 Depreciation overstatement Office supplies used 2,900 due to error-2018 (net of tax) 31.000 Telephone and Internet expense Dividends declared on (administration) 4,900 preferred stock 15,000 Dividends declared on common stock 45,000 The Retained Earnings account had a balance of $468,000 at July 1, 2019. There are 150,000 shares of common stock outstanding