Question 1 of 3 1.33/3 III View Policies Show Attempt History Current Attempt in Progress The accountant of Splish Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2020. Rent revenue $ 32,300 Interest expense 21,300 Market appreciation on land above cost 34,300 Salaries and wages expense (selling) 118,100 Supplies expense (selling) 20,900 Income tax 26,400 Salaries and wages expense (administrative) 139,200 Other administrative expenses 55,000 Cost of goods sold 499,300 Net sales 983,300 Depreciation on plant assets ( 70% selling, 30% administrative) 68,300 Cash dividends declared 19,300 There were 20,000 shares of common stock outstanding during the year. (a) Your answer is partially correct. Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.) SPLISH SHOE CO. Income Statement For the Year Ended December 31, 2020 V Net Sales Cost of Goods Sold Gross Profit/(Loss) Operating Expenses Selling Expenses Salaries and Wages Expense 118,100 i Supplies Expenses 20,900 i Depreciation Expense 47,810 Total Selling Expenses $ 186,810 Administrative Expenses Salaries and Wages Expense 139,200 Other Administrative Expenses 55,000 i Depreciation Expense 20,490 Total Administrative Expenses 214,690 Income From Operations Other Revenues and Gains Rent Revenue Other Expenses and Losses Interest Expense Income Before Income Tax Income Tax Expense Net Income /(Loss) Earnings Per Share (b) Prepare a single-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.) SPLISH SHOE CO. Income Statement $ $ $