Please include the steps to the solution. Thank you.

The following balances were taken from the books of Alonzo Corp. on December 31, 2020. Interest revenue $86,000 Accumulated depreciation-equipment $40,000 Cash 51.000 Accumulated depreciation-buildings 28,000 Sales revenue 1,380,000 Notes receivable 155,000 150,000 194,000 Selling expenses Accounts payable 20.000 170,000 Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts 150,000 100,000 7.000 Bonds payable Administrative and general expenses Accrued liabilities 97,000 45,000 32.000 Land 100.000 60.000 Equipment Buildings 100,000 Interest expense Notes payable Loss from earthquake damage 200,000 140,000 150,000 Cost of goods sold 621,000 Common stock 500,000 Retained earnings 21.000 Assume the total effective tax rate on all items is 20%. 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, eg. 1.48.) ALONZO CORP. Income Statement For the Year Ended December 31, 2020 Sales Sales Revenue 1380000 Less Sales Discounts $ 45000 i Sales Returns and Allowances 150000 195000