The following balances were taken from the books of Sunland Corp. on December 31, 2020. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold $87,600 52,600 1,381,600 151,600 21,600 151,600 8,600 46,600 101,600 201,600 141,600 622,600 Accumulated depreciation-equipment Accumulated depreciation--buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings $41,600 29,600 156,600 195,600 171,600 101,600 98,600 33,600 61,600 101,600 151,600 501,600 22,600 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earning per share to 2 decimal places, e.g. 1.48.) The following balances were taken from the books of Sunland Corp. on December 31, 2020. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold $87,600 52,600 1,381,600 151,600 21,600 151,600 8,600 46,600 101,600 201,600 141,600 622,600 Accumulated depreciation equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings $41,600 29,600 156,600 195,600 171,600 101,600 98,600 33,600 61,600 101,600 151,600 501,600 22,600 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round per share to 2 decimal places, e.g. 1.48.) SUNLAND CORP. Income Statement December 31, 2020 Sales Sales Revenue Less Sales Returns and Allowan Sales Discounts