Problem 1 Presented below are some of the account balances of ABC Corporation: Interest Revenue $ 400 Interest Expense 14,000 Retained Earnings 402,000 Dividends Revenue 1,000 Cash 50,000 Accounts Receivable,net 225,000 Prepaid Insurance 5,000 Sales Discounts 22,000 Land 500,000 Equipment 150,000 Building 250,000 Cost of Goods Sold 590,000 Accumulated Depr. 28,000 Selling Expenses 58,000 Bonds Payable 200,000 Accounts Payable 128,000 General & Admin Expenses 75,000 Notes Payable 180,000 Dividends - Preferred Stock 5,000 Gain on Sale of Land 23,000 Unrealized Loss on Mark Sec 8,000 Sales Returns & Allow 12,000 Income Tax Expense 109,100 Common Stock 30,000 Additional Paid In Capital 80,000 Preferred Stock* 100,000 Loss-Hurricane damage 16,000 Sales Revenue 1,200,000 *15,000 shares of common stock outstanding throughout the year; 2,000 shares of preferred stock outstanding throughout the year Compute the following: (1) Net Sales (2) Gross Profit (3) Income from operations (4) Net Income (5) Comprehensive Income (6) Earnings Per Share