The following balances were taken from the books of Shamrock Corp. on December 31, 2017 Interest revenue $87,000 Accumulated depreciation-equipment $41,000 Cash 52,000 Accumulated depreciation-buildings 29,000 Sales revenue 1,381,000 Notes receivable 156,000 Accounts receivable Selling expenses 151,000 195,000 Prepaid insurance 21.000 Accounts payable 171.000 Sales returns and allowances 151.000 Bonds payable 101.000 Allowance for doubtful accounts 8.000 Administrative and general expenses 98,000 Sales discounts 46,000 Accrued liabilicles 33,000 Land 101.000 Interest expense 61,000 Notes payable Equipment 101,000 201,000 Loss from earthquake damage Buildings 151.000 141.000 501,000 Cost of goods sold Common stock 622,000 Retained earnings 22,000 Assume the total effective tax rate on all items is 34 % Prepare a multiple-step income statement: 100,000 shares of common stock were outstanding during the year, (Round earnings per share to 2 decimal places, es. 1.48) SHAMROCK CORP. Income Statement r the Year Ended December 31, 2017 Fo Revenue 13810000 Sales Revenue Less : $ Sales Returns and Allowances 151000 46000 Net Sales 1184000 Operating Expenses 622000 Selling Expenses 562000 Expenses 195000 98000 293000 i 269000 195000 98000 293000 269000 87000 -61000 26000 295000 Revenue 100300 Interest Expense 194700 Total Expenses -99660 Income Before Income Tax 95040