The following account balances were included in the trial balance of Vaughn Corporation at June 30, 2020. Sales revenue $1,598,500 Depreciation expense (office furniture and equipment) Sales discounts 32,220 Property tax expense Cost of goods sold 906,900 Bad debt expense (selling) Salaries and wages expense (sales) 56,410 Maintenance and repairs expense (administration) Sales commissions 98,220 Office expense Travel expense (salespersons) 29,700 Sales returns and allowances Delivery expense 21.460 Dividends received Entertainment expense 15.040 Interest expense Telephone and Internet expense (sales) 9,050 Income tax expense Depreciation expense (sales equipment) 4,483 Depreciation understatement due to error-2017 (net of tax Maintenance and repairs expense (sales) 6,125 Dividends declared on preferred stock Miscellaneous selling expenses 5,055 Dividends declared on common stock Office supplies used 3.151 Telephone and Internet expense (administration) 2.639 The Retained Earnings account had a balance of $317.200 at July 1, 2019. There are 81,220 shares of common stock outstanding. -- (a1) Using the multiple step form, prepare an income statement for the year ended June 30, 2020. (Round earnings per share to 2 decimal places, eg. 1.48) VAUGHN CORPORATION Income Statement $ > . > > > > > A Sunt balances were included in the trial balance of Vaughn Corporation at June 30, 2020. es) $1,598,500 32,220 906,900 56,410 98,220 29,700 21,460 15,040 9,050 4,483 6,125 5,055 3,151 2,639 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 Interest expense Income tax expense Depreciation understatement due to error-2017 (net of tax) Dividends declared on preferred stock Dividends declared on common stock $6,678 7,071 4,684 8,852 6,320 65,895 41,580 16,770 108,000 17,205 9,290 35,430 (sales) ipment) e (sales) (administration)