The following account balances were included in the trial balance of Windsor Corporation at June 30, 2017.

Sales revenue		$1,588,850		Depreciation expense (office furniture and equipment)		$7,509
Sales discounts		31,500		Property tax expense		7,157
Cost of goods sold		905,200		Bad debt expense (selling)		5,267
Salaries and wages expense (sales)		57,360		Maintenance and repairs expense (administration)		9,263
Sales commissions		99,490		Office expense		6,490
Travel expense (salespersons)		33,800		Sales returns and allowances		59,921
Delivery expense		22,030		Dividends received		37,150
Entertainment expense		15,000		Interest expense		19,390
Telephone and Internet expense (sales)		9,200		Income tax expense		99,790
Depreciation expense (sales equipment)		4,659		Depreciation understatement due to error2014 (net of tax)		18,083
Maintenance and repairs expense (sales)		5,870		Dividends declared on preferred stock		8,500
Miscellaneous selling expenses		5,176		Dividends declared on common stock		37,570
Office supplies used		3,606
Telephone and Internet expense (administration)		2,678

The Retained Earnings account had a balance of $338,360 at July 1, 2016. There are 87,330 shares of common stock outstanding.

Using the multiple-step form, prepare an income statement for the year ended June 30, 2017. (Round earnings per share to 2 decimal places, e.g. 1.48.)

The following account balances were included in the trial balance of Windsor Corporation at June 30, 2017. Sales revenue Sales discounts Cost of goods sold Salaries and wages expense (sales) Sales commissions Travel expense (salespersons) Delivery expense $1,588,850 31,500 905,200 57,360 99,490 33,800 22,030 15,000 9,200 4,659 5,870 Depreciation expense (office furniture and equipment) Property tax expense Bad debt expense (selling) Maintenance and repairs expense (administration) Office expense Sales returns and allowances Dividends received $7,509 7,157 5,267 9,263 6,490 59,921 37,150 19,390 99,790 18,083 8,500 37,570 Entertainment expense Interest expense Telephone and Internet expense (sales) Depreciation expense (sales equipment) Maintenance and repairs expense (sales) Miscellaneous selling expenses Office supplies used Telephone and Internet expense (administration) Income tax expense Depreciation understatement due to error2014 (net of tax) Dividends declared on preferred stock Dividends declared on common stock 5,176 3,606 2,678 The Retained Earnings account had a balance of $338,360 at July 1, 2016. There are 87,330 shares of common stock outstanding