The following account balances were included in the trial balance of Sheffield Corporation at June 30, 2020. Sales revenue $1,592,490 $6,961 Depreciation expense (office furniture and equipment) Sales discounts 31,930 Property tax expense 6,944 Bad debt expense (selling) Cost of goods sold 906,000 5,026 Salaries and wages expense (sales) 56,950 Maintenance and repairs expense (administration) 9,745 98,360 Office expense Sales commissions 5,770 Travel expense (salespersons) 35,500 Sales returns and allowances 61,334 Delivery expense 22,000 Dividends received 36,840 Entertainment expense 14,940 Interest expense 18,260 Telephone and Internet expense (sales) 9,050 Income tax expense 100,580 Depreciation expense (sales equipment) Depreciation understatement due to error-2017 (net of tax) 18,460 4,655 6,413 Maintenance and repairs expense (sales) Miscellaneous selling expenses Dividends declared on preferred stock 8,330 Dividends declared on common stock 4,661 34,440 Office supplies used Telephone and Internet expense (administration) 3,150 3,073 The Retained Earnings account had a balance of $325,990 at July 1, 2019. There are 76,170 shares of common stock outstanding (a1) Your answer is partially correct. 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.) SHEFFIELD CORPORATION Income Statement For the Year Ended June 30, 2020 Sales Sales Revenue 1592490 Less Sales Discounts 31930 61334 Sales Returns and Allowances 93264