Stein Books Inc. sold 2,200 finance textbooks for $250 each to High Tuition University in 20X1. These books cost $200 to produce. Stein Books spent $12,900 (selling expense) to convince the university to buy its books. Depreciation expense for the year was $15,900. In addition, Stein Books borrowed $105,000 on January 1, 20X1, on which the company paid 13 percent interest. Both the interest and principal of the loan were paid on December 31, 20X1. The publishing firm's tax rate is 30 percent. Prepare an income statement for Stein Books. Answer is not complete. Stein Books Inc. Income Statement For the Year Ending December 31, 20X1 Earnings before taxes Depreciation expense Gross profit Earnings before taxes A 550,000 440,000 110,000 Depreciation expense Gross profit 12,900 X $ 97,100 Depreciation expense 15,900x Depreciation expense Earnings after taxes $ 81,200 13,650 x $ 67,550