The financial records of Skysong 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.		The beginning merchandise inventory was $93,840 and decreased 20% during the current year.
2.		Sales discounts amount to $18,700.
3.		21,670 shares of common stock were outstanding for the entire year.
4.		Interest expense was $19,600.
5.		The income tax rate is 30%.
6.		Cost of goods sold amounts to $510,000.
7.		Administrative expenses are 20% of cost of goods sold but only 8% of gross sales.
8.		Four-fifths of the operating expenses relate to sales activities.

From the foregoing information prepare an income statement for the year 2020 in single-step form.

CES 8. Fourts of the operating expenses relate to sales activities. From the foregoing information prepare an income statement for the year 2020 in single-step form. (Round earnings per share to 2 dec SKYSONG INC. Income Statement For the Year Ended December 31, 2020 Revenues dy Net Sales 1256300 Expenses Cost of Goods Sold 510000 Selling Expenses 561836 Interest Expense 19600 Administrative Expense 102000 Total Expenses Income Before Income Tax Income Tax Expense Net Income (Loss) Earnings Per Share Click if you would like to Show Work for this question: Open Show Work