Question 4 View Policies Current Attempt in Progress The following balances were taken from the books of Kingbird Corp, on December 31, 2020. $42,000 Accumulated depreciation-equiipment $88,000 Interest revenue 30,000 Accumulated depreciation- buildings 53,000 Cash 157,000 Notes receivable 1,382,000 Sales revenue 196,000 152,000 Selling expenses Accounts receivable 172,000 22,000 Accounts payable Prepaid insurance 152.000 Bonds payable 102,000 Sales returns and allowances Allowance for doubtful accounts Administrative and general expenses 9,000 99,000 Sales discounts 47,000 Accrued liabilities 34,000 Lantd 102.000 Interest expense 62,000 Equipment 202.000 Notes payable 102,000 Buildings Loss from earthquake damage 142,000 152.000 Cost of goods sold 623,000 Common stock 502,000 Retained earnings 23,000 Assume the total effective tax rate on all items is 20 %. Prepare a multiple-step income statement: 100,000 shares of common stock were outstanding during the year. (Ra KINGBIRD CORP Income Statement For the Year Ended December 31, 2020 Sales II Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per shan KINGBIRD CORP. Income Statement For the Year Ended December 31, 2020 Sales Sales Revenue 1382000 Less Sales Discounts 47000 Sales Returns and Allowances 152000 199000 Net Sales 1183000 Cost of Goods Sold 623000 560000 Gross Profit /(Loss) Operating Expenses Selling Expenses 196000 Selling Expenses 196000 Administrative Expenses 99000 295000 Income From Operations 265000 Other Revenues and Gains Interest Revenue 88000 353000 Other Expenses and Losses Interest Expense 62000 Income Tax Expense 58200 tax 111200 Net Income/(Loss) Per share of common stock: 1.11 Net Income/(Loss)