The following account balances were included in the trial balance of Sunland Corporation at June 30, 2020.

Sales revenue $1,594,320 Depreciation expense (office furniture and equipment) $7,213

Sales discounts 32,400 Property tax expense 7,949

Cost of goods sold 906,600 Bad debt expense (selling) 5,170

Salaries and wages expense (sales) 57,560 Maintenance and repairs expense (administration) 8,340

Sales commissions 99,250 Office expense 5,520

Travel expense (salespersons) 34,000 Sales returns and allowances 65,164

Delivery expense 22,840 Dividends received 40,670

Entertainment expense 15,080 Interest expense 16,990

Telephone and Internet expense (sales) 9,150 Income tax expense 94,080

Depreciation expense (sales equipment) 5,251 Depreciation understatement due to error2017 (net of tax) 19,148

Maintenance and repairs expense (sales) 5,702 Dividends declared on preferred stock 9,030

Miscellaneous selling expenses 4,605 Dividends declared on common stock 36,450

Office supplies used 3,287

Telephone and Internet expense (administration) 2,703

The Retained Earnings account had a balance of $332,700 at July 1, 2019. There are 75,210 shares of common stock outstanding.

Using the single-step form, an income statement for the year ended June 30, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.)

SUNLAND CORPORATION

Income Statement

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