The financial records of Blue Spruce Inc. were destroyed by fire at the end of 2023. Fortunately, the controller had kept the following statistical data related to the income statement: 1. The beginning inventory was $82,000 and it decreased by 20% during the current year. 2 There were 10,000 common shares outstanding for the entire year. 3. Interest expense was $24,000. 4. The income tax rate was 30% 5. Cost of goods sold amounted to $450,000. 6. 7. Administrative expenses were 20% of cost of goods sold but only 4% of gross sales. Selling expenses were four fifths of cost of goods sold. (a) Your answer is partially correct. Prepare a single-step income statement for the year ended December 31, 2023, including calculation of EPS. Expenses should be shown by function. (Round per share answer to 2 decimal places, eg. 52.75) Blue Spruce Inc. Income Statement For Year Ended December 31, 2023 Sales Revenue Expenses Cost of Goods Sold 1125000 450000 i Selling Expenses Administrative Expenses 360000 93600 interest Expense 24000 927600 Total Expenses 197400 Income before Income To locome Tax Expense 39220