Required Information [The following information applies to the questions displayed below.] Tungsten Company, Inc. sells heavy construction equipment. There are 10.500 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, 2014: Account Titles Debit Credit Cash $ 33.800 Accounts receivable (net) 15,700 Inventory. ending 53,700 40,300 Operational assets Accumulated depreciation $ 18,200 24.400 Liabilities Capital stock 72.500 Retained earnings, January 1, 2014 17.080 149.000 Sales revenue Sales returns and allowances 7.000 78.900 Cost of goods sold Selling expense 15,800 Administrative expense 16,100 Bad debt expense 2.900 Sales discounts 8.200 Income tax expense 8,780 Totals $ 281,180 $ 281,180 Required: 1. Beginning with the amount for net sales, prepare an Income statement (showing both gross profit and income from operations). Treat sales discounts and sales returns and allowances as a contra-revenue. (Round "Earnings per share" to 2 decimal places.) TUNGSTEN COMPANY, INC. Income Statement For the Year Ended December 31, 2014 Operating expenses Earnings per share on capital stock outstanding