The financial records of Concord Inc were destroyed by fire at the end of 2017. Fortunately the controller had kept certain statistical data related to the income statement as presented below 1 2 3. 3. 4 5 The beginning merchandise inventory was $185,600 and decreased 20% during the current year. Sales discounts amount to $23,000 20,000 shares of common stock were outstanding for the entire year. Interest expense was $30,000 The income tax rate is 30% Cost of goods sold amounts to $1,010,000. Administrative expenses are 20% of cost of goods sold but only 8% of gross sales. Four-fifths of the operating expenses relate to sales activities Operating expenses consist of selling and administrative expenses 5. 6. 7 8. From the foregoing information prepare an income statement for the year 2017 in single-step form. (Round earnings per share to 2 decimal places, eg. 1.48.) CONCORD INC. Income Statement For the Year Ended December 31, 2017 Revenues Net Sales Less V Sales Discounts 23000 Total Revenues Expenses Selling Expenses $ Administrative Expenses Interest Expense 30000 CONCORD INC. Income Statement For the Year Ended December 31, 2017 Revenues Net Sales Less V Sales Discounts 23000 Total Revenues Expenses Selling Expenses Administrative Expenses Interest Expense 30000 Cost of Goods Sold 1010000 Total Expenses Income Before Income Tax Income Tax Expense 30000 Net Income / LOS $ Earnings Per Share