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

Your answer is partially correct. The following are selected ledger accounts of Tamarisk Corporation at December 31, 2020. Cash $222,000 Salaries and wages expense (sales) $340,800 Inventory 642,000 Salaries and wages expense (office) 415,200 Sales revenue 5,130,000 Purchase returns 18,000 Unearned sales revenue 140,400 Sales returns and allowances 94,800 Purchases 3,343,200 Freight-in 86,400 Sales discounts 40,800 Accounts receivable 171,000 Purchase discounts 32,400 Sales commissions 99,600 Selling expenses 82,800 Telephone and Internet expense (sales) 20,400 Accounting and legal services 39,600 Utilities expense (office) 38,400 Insurance expense (office) 28,800 Miscellaneous office expenses 9,600 Advertising expense 64,800 Rent revenue 288,000 Delivery expense 111,600 Casualty loss (before tax) 84,000 Depreciation expense (office equipment) 57,600 Interest expense 211,200 Depreciation expense (sales equipment) 43,200 Common stock ($10 par) 599,200 Tamarisk'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 Tamarisk Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) TAMARISK CORPORATION Income Statement For the Year Ended December 31, 2020 Net Sales 4994400 Cost of Goods Sold 3335200 i Gross Profit/(Loss) 1659200 Selling Expenses $ 763200 i Administrative Expenses 589200 i 1352400 Income From Operations 306800 Rent Revenue 288000 Casualty loss 84000 i Interest Expense 211200 i 7200 i Income Before Income Tax 4 314000 Income Tax Expense 62800 1001 Net Income /(Loss) $ 251200 Earnings Per Share $ 4.19