The following are selected ledger accounts of Sheridan Corporation at December 31, 2020. Cash Inventory Sales revenue Unearned sales revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense Depreciation expense (office equipment) Depreciation expense (sales equipment) $188,700 545,700 4,360,500 119,340 2,841.720 34,680 27.540 70,380 33,660 24,480 55,080 Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns Sales returns and allowances Freight-in Accounts receivable Sales commissions Telephone and Internet expense (sales) Utilities expense (office) Miscellaneous office expenses Rent revenue Casualty loss (before tax) Interest expense Common stock ($10 par) $289,680 352,920 15,300 80,580 73,440 145,350 84,660 17.340 32,640 8,160 244,800 71,400 179,520 715,120 94.860 48,960 36,720 Sheridan's 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 Sheridan Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) SHERIDAN CORPORATION Income Statement For the Year Ended December 31, 2020 Net Sales 4245240 Cost of Goods Sold 2732020 Gross Profit/(Loss) 1513220 Selling Expenses $ 578340 Administrative Expenses 500820 1079160 Income From Operations 434060 Interest Expense 211200 Rent Revenue 244800 33600 Income Before Income Tax 400460 Income From Operations 434000 Question Accounting Interest Expense 211200 Rent Revenue 244800 Question Accounting 33600 Question Accounting Income Before Income Tax 400460 Income Tax Expense 80092 Question Accounting Net Income /(Loss) $ 320368 Viewing Accounting $ Earnings Per Share Question Account