The financial records of Wildhorse 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 $82,800 and decreased 20% during the current year. 2. Sales discounts amount to $16,320. 3. 27,288 shares of common stock were outstanding for the entire year. 4. Interest expense was $20,800. 5. The income tax rate is 30%. 6. Cost of goods sold amounts to $620,000. 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. (Round earnings per share to 2 decimal places, e.g. 1.48.) WILDHORSE INC. Income Statement For the Year Ended December 31, 2020 - Revenues Net Sales 1533680 1533680 Expenses - Selling Expenses $ 496000 i Cost of Goods Sold 620,000 Interest Expense 20,800 i Administrative Expenses 124,000 Total Expenses 1342664 Income Before Income Tax 1424528 Income Tax Expense 81864 i Net Income /(Loss) 191016 Earnings Per Share