The following information was taken from Egeland Ltd.s adjusted trial balance as at July 31, 2020:

Sales revenue		$2,777,000
Interest expense		45,000
Cost of goods sold		1,560,674
Utilities expense		17,000
Depreciation expense		216,000
Distribution expenses		410,000
Administration expenses		278,000
Advertising expense		60,000
Interest revenue		21,000
Income tax expense		78,000
Dividends declaredCommon shares		27,000
Dividends declaredPreferred shares		14,526

Prepare a single-step statement of income for the year ended July 31, 2020. .

.

.

Prepare a multi-step statement of income for the year ended July 31, 2020.

.

.

.

Determine Egelands gross margin percentage for the year. (Round answer to 1 decimal place, e.g. 52.7%.)

.

.

.

If Egeland had 88,000 common shares outstanding throughout the year, determine the company's basic earnings per share. (Round answer to 2 decimal places, e.g. 52.75.)