The financial records of Oriole Inc were destroyed by fire at the end of 2020. Fortunately, the controller had kept certain statistical data related to the income statement as follows. 1 2. 3. 4. The beginning merchandise inventory was $ 86, 480 and decreased 20% during the current year. Sales discounts amount to $ 15.300. 21,970 shares of common stock were outstanding for the entire year. Interest expense was $ 20,000. The income tax rate is 30% Cost of goods sold amounts to $ 510,000. 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. 5. 6. 7 8 From the foregoing information prepare an income statement for the year 2020 in single-step form (Round earnings per share to 2 decimal places, eg. 1.48.) ORIOLE INC. Income Statement For the Year Ended December 31, 2020 Revues Net Sales $ 494700 Expenses Cost of Goods Sold 510000 Selling Expenses 408000 Administrative Expenses 102000 interest Expense 20000