Problem 4-4 (Part Level Submission) The following account balances were included in the trial balance of Skysong Corporation at June 30, 2017 Sales revenue $1,592,490 Depreciation expense (office furniture and equipment) Sales discounts 31,930 Property tax expense Cost of goods sold 906,000 Bad debt expense (selling) Salaries and wages expense (sales) 56,950 Maintenance and repairs expense (administration) Sales commissions 98,360 Office expense Travel expense (salespersons) 35,500 Sales returns and allowances Delivery expense 22,000 Dividends received Entertainment expense 14,940 Interest expense Telephone and Internet expense (sales) 9,050 Income tax expense Depreciation expense (sales equipment) 4,655 Depreciation understatement due to error-2014 (net of tax) Maintenance and repairs expense (sales) 6,413 Dividends declared on preferred stock Miscellaneous selling expenses 4,661 Dividends declared on common stock Office supplies used 3,150 Telephone and Internet expense (administration) 3,073 $6,961 6,944 5,026 9,745 5,770 61,334 36,840 18,260 100,580 18,460 8,330 34,440 The Retained Earnings account had a balance of $325,990 at July 1, 2016. There are 76,170 shares of common stock outstanding. N (al) Your answer is partially correct. Try again. Using the multiple-step form, prepare an income statement for the year ended June 30, 2017. (Round earnings per share to 2 decimal places, e SKYSONG CORPORATION Income Statement For the Year Ended June 30, 2017 Sales Sales Revenue 1592490 Sales Revenue 1592490 Less Sales Discounts 31930 Sales Returns and Allowances 61334 932641 Net Sales 1499226 Cost of Goods Sold V 906000 Gross Profit/ (Loss) 593226 Operating Expenses v Selling Expenses Sales Commissions 98360 Salaries and Wages Expense 56950 Depreciation Expense 4655 Entertainment Expense 14940 Telephone and Internet Expense 9,050 Maintenance and Repairs Expense v 6413 Travel Expense 35500 Bad Debt Expense 5026 v Supplies Expense 3150 Telephone and Internet Expense 3073 Depreciation Expense 6961 Office Expenses 5770 Total Administrative Expenses 35641 X Income from Operations 221914 Other Revenues and Gains Dividend Revenue 36840 Other Expenses and Losses Interest Expense 18260 Income Before Income Tax 315608 Income Tax Expense 1005801 Net Income / (Loss) 215028 Earnings Per Common Share 2.71 Show Work is REQUIRED for this question: Open Show Work SHOW LIST OF ACCOUNTS