Question 5 The following account balances were included in the trial balance of Tamarisk Corporation at June 30, 2017 Sales revenue Sales discounts Cost of goods sold Salaries and wages expense (sales) Sales commissions Travel expense (salespersons) Delivery expense Entertainment expense Telephone and Internet expense (sales) Depreciation expense (sales equipment) Maintenance and repairs expense (sales) Miscellaneous selling expenses Office supplies used Telephone and Internet expense (administration) $1,598,520 32,200 899,000 58,010 99,440 38,800 22,470 15,020 9,160 5,032 Depreciation expense (office furniture and equipment) Property tax expense Bad debt expense (selling) Maintenance and repairs expense (administration) Office expense Sales returns and allowances Dividends received Interest expense Income tax expense Depreciation understatement due to error-2014 (net of tax) $6,947 7,255 5,041 8,651 5,820 67,920 37,350 18,930 100,340 19,204 8,350 33,470 5,854Dividends declared on preferred stock 4,696 Dividends declared on common stock 3,774 2,971 The Retained Earnings account had a balance of $310,730 at July 1, 2016. There are 84,600 shares of common stock outstanding 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.g. 1.48.) TAMARSK CORPORATION Income Statement Sales Sales Revenue 1598520 Less Sales Discounts -32200 Sales Returns and Allowances 67920 100120 Net Sales 1498400