Required information [The following information applies to the questions displayed below.] Tungsten Company, Inc., sells heavy construction equipment. There are 12,000 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 Bad debt expense Sales discounts Income tax expense Administrative expense Totals Debit $ 34,900 Credit 14,900 53,300 41,800 $ 17,400 24,300 72,100 16,380 148,700 6,000 79,400 14,100 16,500 2,100 6,600 9,288 $278,880 $278,880 Required: 1. Beginning with the amount for net sales, prepare an income statement (showing both gross profit and income from operations). (Round "Earnings per share" to 2 decimal places.)