ROBLEM 1. The Sutton Forest Products Company had sales during 2014 of $1,200,000. Sutton operates at a gross profit of 50%. Purchases of inventory during 2014 totaled $675,000 and ending inventory totaled $210,500. Selling expenses were 20% of sales and general and administrtive expenses were 75% of the selling expenses. Sutton's tax rate is 40% and the company has 50,000 shares of common stock outstanding. Prepare an income statement for Sutton Forest Products, including earnings per share data, for the year ended December 31, 2014 net income i08,000 SFPCO