The following are selected ledger accounts of Vaughn Corporation at December 31, 2020 Cash $218,300 Salaries and wages expense (sales) $335,120 Inventory 631,300 Salaries and wages expense (office) 408,280 Sales revenue 5,044,500 Purchase returns 17,700 Unearned sales revenue 138,060 Sales returns and allowances 93,220 Purchases 3,287,480 Freight in 84,960 Sales discounts 40,120 Accounts receivable 168,150 Purchase discounts 31,860 Sales commissions 97,940 Selling expenses 81,420 Telephone and Internet expense (sales) 20,060 Accounting and legal services 38,940 Utilities expense (office) 37,760 Insurance expense (office) 28,320 Miscellaneous office expenses 9,440 Advertising expense 63,720 Rent revenue 283,200 Delivery expense 109,740 Casualty loss (before tax) 82,600 Depreciation expense (office equipment) 56,640 Interest expense 207,680 Depreciation expense (sales equipment) 42,480 Common stock ($10 par) 612,080 Vaughns 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 Vaughn Corporation

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The following are selected ledger accounts of Vaughn Corporation at December 31, 2020. Cash $218,300 Salaries and wages expense (sales) $335,120 Inventory 631,300 Salaries and

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

Cash	$218,300	Salaries and wages expense (sales)	$335,120
Inventory	631,300	Salaries and wages expense (office)	408,280
Sales revenue	5,044,500	Purchase returns	17,700
Unearned sales revenue	138,060	Sales returns and allowances	93,220
Purchases	3,287,480	Freight-in	84,960
Sales discounts	40,120	Accounts receivable	168,150
Purchase discounts	31,860	Sales commissions	97,940
Selling expenses	81,420	Telephone and Internet expense (sales)	20,060
Accounting and legal services	38,940	Utilities expense (office)	37,760
Insurance expense (office)	28,320	Miscellaneous office expenses	9,440
Advertising expense	63,720	Rent revenue	283,200
Delivery expense	109,740	Casualty loss (before tax)	82,600
Depreciation expense (office equipment)	56,640	Interest expense	207,680
Depreciation expense (sales equipment)	42,480	Common stock ($10 par)	612,080

Vaughns 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 Vaughn Corporation.