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The following are selected ledger accounts of Grouper Rose Corporation at December 31, 2020: Cash $184,000 Entertainment expense $70,000 Inventory (as of Jan. 1, 2020)

  1. The following are selected ledger accounts of Grouper Rose Corporation at December 31, 2020:

Cash $184,000

Entertainment expense $70,000

Inventory (as of Jan. 1, 2020) 536,000

Office expense 34,000

Sales revenue 4,245,000

Insurance expense 26,000

Unearned revenue 106,000

Advertising expense 54,000

Purchases 2,763,000

Freight out 94,000

Sales discounts 38,000

Depreciation expense of office equipment 47,000

Purchase discounts 31,000

Depreciation expense of sales equipment 36,000

Salaries and wages expense (sales) 287,000

Telephone and Internet expense (sales) 16,000

Salaries and wages expense (administrative) 347,000

Utilities expense (administrative) 32,000

Purchase returns and allowances 16,000

Miscellaneous expense 6,000

Sales returns and allowances 80,000

Rental revenue 260,000

Freight in 73,000

Loss on disposal of equipment 69,000

Accounts receivable 145,000

Interest expense 196,000

Sales commission expense 81,000

Common shares 1,000,000

Grouper's Rose effective tax rate on all items is 40%. A physical inventory indicates that the ending inventory is $688,000. The number of common shares outstanding is 100,000.

Prepare a condensed multi-step 2020 income statement for Grouper Rose Corporation, showing expenses by function. Grouper Rose follows ASPE but decides to disclose EPS on its income statement. (Round per share answer to 2 decimal places, e.g. 52.74.)

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