Required Information [The following information applies to the questions displayed below.] Tungsten Company, Incorporated, sells heavy construction equipment. There are 10,000 shares of capital stock outstanding. The annual fiscal period ends on December 31. The following condensed trial balance was taken from the general ledger on December 31, Current Year: Account Titles Cash Accounts receivable (net) Inventory, ending Operational assets Accumulated depreciation Liabilities Capital stock Retained earnings, January 1, current year Sales revenue Sales returns and allowances Cost of goods sold Selling expense Administrative expense Bad debt expense Sales discounts Income tax expense Totals Debit Credit $ 33,600 14,400 52,000 40,000 $ 16,800 24,000 72,000 9,280 147,100 5,600 78,400 14,100 15,400 1,600 6,400 7,680 $ 269,180 $ 269,180 Required: 1. Beginning with the amount for net sales, prepare an income statement (showing both gross profit and income from operations). Note: Round "Earnings per share" to 2 decimal places. TUNGSTEN COMPANY, INCORPORATED Income Statement For the Year Ended December 31, Current Year Selling, general, and administrative expenses: Total selling, general, and administrative expenses Earnings per share on capital stock outstanding