The accountant of Latifa Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2020. Rent revenue Interest expense Market appreciation on land above cost Salaries and wages expense (selling) Supplies expense (selling) Income tax Salaries and wages expense (administrative) Other administrative expenses Cost of goods sold Net sales Depreciation on plant assets (70% selling, 30% administrative) $29,000 18,000 31,000 114,800 17,600 23,100 135,900 51,700 496,000 980,000 65,000 3 of 9 Chapter 04 Homework - Income Statement Cash dividends declared Common stock outstanding 16,000 20,000 shares Instructions: Prepare a multiple-step income statement. Round earnings per share to 2 decimal places. Latifa Shoe Co. Income Statement For Year Ended December 31, 2020