[The following information applies to the questions displayed below.J Tungsten Company, Inc., sells heavy construction equipment. There are 15,000 shares of capital stock outstanding. The annual fiscal period ends on December 31. The following condensed trial balance was taken from the general ledger on December 31, Current Year: Account Titles Debit Credit Cash Accounts receivable (net) Inventory, ending Operational assets Accumulated depreciation Liabilities Capital stock Retained earnings, January 1, Current Year Sales revenue Sales returns and allowances Cost of goods sold Selling expense Administrative expense Bad debt expense Sales discounts Income tax expense $34,100 15,800 53,500 41,100 $ 18,800 25,900 72,500 15,080 148,200 7,500 78,600 14,400 16,100 3,200 7,500 8,680 Totals $ 280,480 $280,480 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, Current Year Operating expenses Earnings per share on capital stock outstanding