The following are selected ledger accounts of Concord Corporation at December 31, 2020.

Cash		$181,300		Salaries and wages expense (sales)		$278,320
Inventory		524,300		Salaries and wages expense (office)		339,080
Sales revenue		4,189,500		Purchase returns		14,700
Unearned sales revenue		114,660		Sales returns and allowances		77,420
Purchases		2,730,280		Freight-in		70,560
Sales discounts		33,320		Accounts receivable		139,650
Purchase discounts		26,460		Sales commissions		81,340
Selling expenses		67,620		Telephone and Internet expense (sales)		16,660
Accounting and legal services		32,340		Utilities expense (office)		31,360
Insurance expense (office)		23,520		Miscellaneous office expenses		7,840
Advertising expense		52,920		Rent revenue		235,200
Delivery expense		91,140		Casualty loss (before tax)		68,600
Depreciation expense (office equipment)		47,040		Interest expense		172,480
Depreciation expense (sales equipment)		35,280		Common stock ($10 par)		740,880

Concords effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000. Prepare a condensed 2020 income statement for Concord Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)

CONCORD CORPORATION Income Statement For the Year Ended December 31, 2020 Net Sales $4,108,760 Cost of Goods Sold ($2,597,980) Gross Profit / (Loss) $1,510,780 Selling Expenses 67,620 Administrative Expenses 32,340 x $1,510,780 Income From Operations 406,320 Rent Revenue $235,200 Delivery Expense 91,140 Office Expense 23,520 Retained Earnings, January 1 $400,440 Income Tax Expense ($80,088) Retained Earnings, December 31 V