SUNY Canton Canton, New York 13617 Intermediate Aecounting I Intermediate Accounting I Name: Professor D. Fay 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 administrative 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