The following are selected ledger accounts of Wildhorse 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) $229,400 663,400 5,301,000 145,080 3,454,640 42,160 33,480 85,560 40,920 29,760 66,960 115,320 59,520 44,640 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) $352,160 429,040 18,600 97,960 89,280 176,700 102,920 21,080 39.680 9,920 297,600 86,800 218,240 573,440 Wildhorse'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 Wildhorse Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) WILDHORSE CORPORATION Income Statement For the Year Ended December 31, 2020 $ $ I > > $ $