The following are selected ledger accounts ofKingbirdCorporation at December 31, 2017.

Cash$186,850Salaries and wages expense (sales)$285,850Inventory536,850Salaries and wages expense (office)347,850Sales revenue4,276,850Purchase returns16,850Unearned sales revenue118,850Sales returns and allowances80,850Purchases2,787,850Freight-in73,850Sales discounts35,850Accounts receivable144,350Purchase discounts28,850Sales commissions84,850Selling expenses70,850Telephone and Internet expense (sales)18,850Accounting and legal services34,850Utilities expense (office)33,850Insurance expense (office)25,850Miscellaneous office expenses9,850Advertising expense55,850Rent revenue241,850Delivery expense94,850Casualty loss (before tax)

71,850Depreciation expense (office equipment)49,850Interest expense177,850Depreciation expense (sales equipment)37,850Common stock ($10par)901,850

Kingbird's effective tax rate on all items is34%. A physical inventory indicates that the ending inventory is $687,850.

Prepare a condensed 2017 income statement forKingbirdCorporation.(Round earnings per share to 2 decimal places, e.g. 1.48.)