PLEASE follow the format given. The incorrect answers are not highlighted (as the correct ones shown in green)

Exercise 4-07 a-b a The accountant of Bonita Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2020. Rent revenue Interest expense Market appreciation on land above cost Salaries and wages expense (selling) Supplies expense (selling) Income tax Salaries and wages expense (administrative) Other administrative expenses Cost of goods sold Net sales Depreciation on plant assets (70% selling, 30% administrative) Cash dividends declared $30,800 19,800 32,800 116,600 19,400 24,900 137,700 53,500 497,800 981,800 66,800 17,800 There were 20,000 shares of common stock outstanding during the year. Your answer is partially correct. Try again. Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.) BONITA SHOE CO. Income Statement For the Year Ended December 31, 2020 Net Sales 981800 Cost of Goods Sold 497800 Gross Profit/ (Loss) 484000 Operating Expenses Selling Expenses Salaries and Wages Exf 116600 Supplies Expenses 19400 Depreciation Expense 46760 Administrative Expenses 182,760 Administrative Expenses Salaries and Wages Exf| 137700 Depreciation Expense 20040 Other Administrative E> 53500 Total Administrative Expenses 211240 394,000 Income From Operations Other Revenues and Gains 11 Rent Revenue Income From Operations X... Interest Expense x Interest Expense Income Before Income Tax Income Tax Expense Net Income / (Loss) Earnings Per Share Your answer is partially correct. Try again. Prepare a single-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.) BONITA SHOE CO. Income Statement For the Year Ended December 31, 2020 Revenues Net Sales Rent Revenue Total Revenues Expenses Cost of Goods Sold 497800 Revenues Net Sales x Rent Revenue X Total Revenues Expenses K Cost of Goods Sold 497800 X X Selling Expenses x Administrative Expenses X Interest Expense x Total Expenses Income Before Income Tax X Income Tax Expense Net Income / (Loss) X Earnings Per Share