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Exercise 4-11 Your answer is partially correct. Try again. The following are selected ledger accounts of Bonita Corporation at December 31, 2020. Cash 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) $196,100 567,100 4,531,500 124,020 2,953, 160 36,040 28,620 73,140 34,980 25,440 57,240 98,580 50,880 38,160 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) $301,040 366,760 15,900 83,740 76,320 151,050 87,980 18,020 33,920 8,480 254,400 74,200 186,560 689,360 Bonita'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 Bonita Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) BONITA CORPORATION Income Statement For the Year Ended December 31, 2020 Revenues 4531500 Sales Discounts 36640 Net Sales 4411120 Net Sales 4411120 Cost of Goods Sold 2866060 Sales Revenue 1545060 1194620 Expenses 350440 Rent Revenue 254400 Casualty loss 74200 Interest Expense 186560 366760 Expenses 717200 Income Tax Expense 143440 Net Income / (Loss) 573760 Earnings Per Share 8.32