The accountant of Whispering 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 $31,000 20,000 33,000 116,800 19,600 25,100 137,900 53,700 498,000 982,000 67,000 18,000 There were 20,000 shares of common stock outstanding during the year. Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.) WHISPERING SHOE CO. Income Statement