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

The following are selected ledger accounts of Sunland 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) $210,900 Salaries and wages expense (sales) 609,900 Salaries and wages expense (office) 4,873,500 Purchase returns 133,380 Sales returns and allowances 3,176,040 Freight-in 38,760 Accounts receivable 30,780 Sales commissions 78,660 Telephone and Internet expense (sales) 37,620 Utilities expense (office) 27,360 Miscellaneous office expenses 61,560 Rent revenue 106,020 Casualty loss (before tax) 54,720 Interest expense 41,040 Common stock ($10 par) $323,760 394,440 17,100 90,060 82,080 162,450 94,620 19,380 36,480 9,120 273,600 79,800 200,640 637,840 Sunland'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 Sunland Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) SUNLAND CORPORATION Income Statement $ $ $