Prepare a single-step income statement (including earnings-per-share data) and a statement of retained earnings for Pensacola.

(Single-step income statement and statement of retained earnings) The Pensacola Awning Co. reports the following for 1996: Retained earnings, January 1 $ 444,500 Selling expenses 288,720 Sales revenue 1,380,000 Interest expense 13,390 General and administrative expenses 236,400 Cost of goods sold 765,000 Dividends declared this year 32,000 Tax rate for all items Average shares of common stock outstanding during the year. 25,000 Prepare a single-step income statement (including earnings-per-share data) and a statement of retained earnings for Pensacola. 40%