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

Sales revenue		$ 1,598,520		Depreciation expense (office furniture and equipment)		$ 6,947
Sales discounts		32,200		Property tax expense		7,255
Cost of goods sold		899,000		Bad debt expense (selling)		5,041
Salaries and wages expense (sales)		58,010		Maintenance and repairs expense (administration)		8,651
Sales commissions		99,440		Office expense		5,820
Travel expense (salespersons)		38,800		Sales returns and allowances		67,920
Delivery expense		22,470		Dividends received		37,350
Entertainment expense		15,020		Interest expense		18,930
Telephone and Internet expense (sales)		9,160		Income tax expense		100,340
Depreciation expense (sales equipment)		5,032		Depreciation understatement due to error2017 (net of tax)		19,204
Maintenance and repairs expense (sales)		5,854		Dividends declared on preferred stock		8,350
Miscellaneous selling expenses		4,696		Dividends declared on common stock		33,470
Office supplies used		3,774
Telephone and Internet expense (administration)		2,971

The Retained Earnings account had a balance of $ 310,730 at July 1, 2019. There are 84,600 shares of common stock outstanding.

The following account balances were included in the trial balance of Kingbird Corporation at June 30, 2020. Sales revenue $ 1,598,520 Depreciation expense (office furniture and equipment) Sales discounts 32,200 Property tax expense Cost of goods sold 899,000 Bad debt expense (selling) Salaries and wages expense (sales) 58,010 Maintenance and repairs expense (administration) Sales commissions 99,440 Office expense Travel expense (salespersons) 38,800 Sales returns and allowances Delivery expense 22,470 Dividends received 15,020 Interest expense Entertainment expense Telephone and Internet expense (sales) 9,160 Income tax expense 5,032 Depreciation understatement due to error-2017 (net of tax) Depreciation expense (sales equipment) Maintenance and repairs expense (sales) 5,854 Dividends declared on preferred stock Dividends declared on common stock 4,696 Miscellaneous selling expenses Office supplies used 3,774 Telephone and Internet expense (administration) 2,971 The Retained Earnings account had a balance of $ 310,730 at July 1, 2019. There are 84,600 shares of common stock outstanding. Using the multiple-step form, prepare an income statement for the year ended June 30, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.) KINGBIRD CORPORATION Income Statement For the Year Ended June 30, 2020 Sales