The following balances were taken from the books of Vaughn Corp. on December 31, 2020. Con- Interest revenue $87,700 Cash 52,700 Sales revenue 1,381,700 Accounts receivable $41,700 29,700 156,700 195,700 171,700 101,700 port Accumulated depreciation equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Prepaid insurance 151,700 21,700 151,700 8,700 46,700 Sales returns and allowances Allowance for doubtful accounts Sales discounts 98,700 33,700 Land 61,700 101,700 201,700 Interest expense Notes payable Equipment 101,700 Buildings 141.700 Loss from earthquake damage Cost of goods sold 622,700 151,700 501.700 Common stock Retained earnings 22,700 TEOLOU 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, e.g. 1.48.) VAUGHN CORP. Income Statement