Question 6 of 9 6.52 / 7 The following are selected ledger accounts of Vaughn Corporation at December 31, 2020. Cash $335,120 408,280 17,700 93,220 84,960 168,150 97,940 Inventory Sales revenue Unearned sales revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense Depreciation expense (office equipment) Depreciation expense (sales equipment) $218,300 631,300 5,044,500 138,060 3,287,480 40,120 31,860 81,420 38,940 28,320 63,720 109,740 56,640 42,480 Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns Sales returns and allowances Freight-in Accounts receivable Sales commissions Telephone and Internet expense (sales) Utilities expense (office) Miscellaneous office expenses Rent revenue Casualty loss (before tax) Interest expense Common stock ($10 par) 20,060 37.760 9,440 283,200 82,600 207,680 612,080 Vaughn's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000. Prepare a condensed 2020 income statement for Vaughn Corporation. (Round earnings per share to 2 decimal places, eg. 1.48.) VAUGHN CORPORATION Income Statement For the Year Ended December 31, 2020 Net Sales $ 4911160 Cost of Goods Sold 13.268.180) Question 6 of 9