The following are selected ledger accounts of Vaughn Corporation at December 31, 2017 Cash $188,840 Salaries and wages expense (sales) $287,840 Inventory 538,840 Salaries and wages expense (office) 349,840 Sales revenue 4,278,840 Purchase returns 18,840 Unearned sales revenue 120,840 Sales returns and allowances 82,840 Purchases 2,789,840 Freight in 75,840 Sales discounts 37,840 Accounts receivable 146,340 Purchase discounts 30,840 Sales commissions 86,840 Selling expenses 72,840 Telephone and Internet expense (sales) 20,840 Accounting and legal services 36,840 Utilities expense (office) 35,840 Insurance expense (office) 27,840 Miscellaneous office expenses 11,840 Advertising expense 57,840 Rent revenue 243,840 Delivery expense 96,840 Casualty loss (before tax) 73,840 Depreciation expense (office equipment) 51,840 Interest expense 179,840 Depreciation expense (sales equipment) 39,840 Common stock ($10 par) 903,840 Vaughns effective tax rate on all items is 34 A physical inventory indicates that the ending inventory is $689,840 Prepare a condensed 2017 income statement for Vaughn Corporation (Round earnings per share to 2 decimal places, e g 1 48 )

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The following are selected ledger accounts of Vaughn Corporation at December 31, 2017. Cash $188,840 Salaries and wages expense (sales) $287,840 Inventory 538,840 Salaries and

The following are selected ledger accounts of Vaughn Corporation at December 31, 2017.

Cash	$188,840	Salaries and wages expense (sales)	$287,840
Inventory	538,840	Salaries and wages expense (office)	349,840
Sales revenue	4,278,840	Purchase returns	18,840
Unearned sales revenue	120,840	Sales returns and allowances	82,840
Purchases	2,789,840	Freight-in	75,840
Sales discounts	37,840	Accounts receivable	146,340
Purchase discounts	30,840	Sales commissions	86,840
Selling expenses	72,840	Telephone and Internet expense (sales)	20,840
Accounting and legal services	36,840	Utilities expense (office)	35,840
Insurance expense (office)	27,840	Miscellaneous office expenses	11,840
Advertising expense	57,840	Rent revenue	243,840
Delivery expense	96,840	Casualty loss (before tax)	73,840
Depreciation expense (office equipment)	51,840	Interest expense	179,840
Depreciation expense (sales equipment)	39,840	Common stock ($10 par)	903,840

Vaughns effective tax rate on all items is 34%. A physical inventory indicates that the ending inventory is $689,840. Prepare a condensed 2017 income statement for Vaughn Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)