The following balances were taken from the books of Vaughn Corp. on December 31, 2017 $ 122,100 $ 57,700 Interest revenue Cash 73,100 40,900 Sales 1.933.700 218,700 211,700 273,300 29,700 239.700 211.700 141,700 11.500 Accumulated depreciation equipment Accumulated depreciation-building 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 Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold 137.500 64.700 46,500 141,700 85,700 281,700 141,700 197,700 871,100 211,700 701,700 31.100 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, c.8. 1.48.) VAUGHN CORP. Income Statement For the Year Ended December 31, 2017 Revenues Sales Returns and Allowances 211700 Less Sales Discounts 64700 Net Sales Gross Profit Operating Expenses > Selling Expenses 273300 Administrative Expenses 137500 > Administrative Expenses 137500 Other Expenses and Losses Interest Revenue Interest Expense 85700 Income Before Income Tax $