Preparing a Single-Step and a Multiple-Step Income Statement The following selected items are taken from the accounting records of Amick Corp. at December 31. Sales revenue $1,710,000 Cost of goods sold 1,035,000 Dividends received on investment in stocks 11,700 Interest expense 7,560 Loss on sale of investments 86,400 Promotion expense 27,000 Shipping expense 45,000 Depreciation (50% selling, 50% general and administrative) 36,000 Salaries (general and administrative) 144,000 Other general and administrative expenss 41,400 Salaries (selling) 153,540 Interest revenue Income tax rate 4,500 25% Number of common stock shares 20,000 part a. part b. b. Prepare a multiple-step income statement (including earnings per share). Note: Use a negative sign only for an expense or loss item included in the section Other Revenues (Expenses). Note: Enter the answer for earnings per share in dollars and cents, rounded to the nearest penny. Amick Corp. Income Statement For the Year Ended December 31 Sales revenue Cost of goods sold Gross profit Operating expenses Selling expenses: Salaries expense (selling) Shipping expense Promotion expense Depreciation expense (selling) General and administrative expense: Salaries expense Other general and administrative expenses Depreciation expense Total expenses and losses Other revenues (expenses) Interest expense Interest revenue Dividend revenue Loss on sale of investments Income before income taxes Income tax expense Net income $ 1,710,000 1,035,000 > > > > > 675,000 153,540 45,000 27,000 18,000 144,000 41,400 18,000 203,400 x (7,560) 4,500 11,700 (86,400) 393,840 x 98,460 x $ 295,380 x