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) Cash dividends declared $29,000 18,000 31,000 114,800 17,600 23,100 135,900 51,700 496,000 980,000 65,000 16,000 There were 20,000 shares of common stock outstanding during the year. Your answer is partially correct. Try again. Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.) LATIFA SHOE CO. Income Statement For the Year Ended December 31, 2020 980000 Net Sales Cost of Goods Sold Gross Profit / (L.055) 296000 184000 Operating Expenses $114800 Selling Expenses "Salaries and Wages Expense Depreciation Expense Supplies Expenses Total Selling Expenses 45500 17600 $177900 Administrative Expenses Salaries and Wages Expense Other Administrative Expenses Depreciation Expense Total Administrative Expenses 135900 151700) 19500 207100 385000 99000 Income From Operations Other Revenues and Gains Rent Revenue 29000 128000 Other Revenues and Gains Rent Revenue 29000 5128000 Other Expenses and Losses Interest Expense Income Before Income Tax 18000 1110000 Income Tax Expense 37400 Net Income / (Loss) Earnings Per Share Your answer is partially correct. Try again. Prepare a single-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.) LATIFA SHOE CO. Income Statement For the Year Ended December 31, 2020 "Revenues Net Sales $1980000 TRent Revenue 29000 2009000 Total Revenues Expenses Cost of Goods Sold 5496000 177900 Selling Expenses Administrative Expenses Interest Expense Total Expenses P07100 78000 899000 110000 Income Before Income Tax Income Tax Expense 1187400 122600 TNet Income / (Loss) 72600 Earnings Per Share 13.63