The following information applies to the questions displayed below. Tungsten Company, Inc., sells heavy construction equipment. There are 11,000 shares of capital stock outstanding. The annual fiscal perlod ends on December 31. The following condensed trial balance was taken from the general ledger on December 31, 2014: Credit Debit $ 34,900 16,400 52,500 41,500 Account Titles Cash Accounts receivable (net) Inventory, ending Operational assets Accumulated depreciation Llabilities Capital stock Retained earnings, January 1, 2014 Sales revenue Sales returns and allowances Cost of goods sold Selling expense Administrative expense Bad debt expense Sales discounts Income tax expense $ 16.800 25.100 72.700 16.680 149.000 6.100 78.900 14.700 17.100 3.000 7400 7,780 Totals $ 280,280 $280 280 Required: 1. Beginning with the amount for net sales, prepare an income statement (showing both gross profit and income from operations). Treat sales discounts and sales returns and allowances as a contra-revenue. (Round "Earnings per share" to 2 decimal places.) TUNGSTEN COMPANY, INC. Income Statement For the Year Ended December 31, 2014 Operating expenses: Earnings per share on capital stock outstanding