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

Sales revenue		$2,770,000
Interest expense		40,000
Cost of goods sold		1,545,660
Utilities expense		17,000
Depreciation expense		218,000
Distribution expenses		418,000
Administration expenses		279,000
Advertising expense		60,000
Interest revenue		18,000
Income tax expense		78,000
Dividends declaredCommon shares		31,000
Dividends declaredPreferred shares		16,340

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

Egeland Ltd. Statement of Income Choose the accounting period. July 31, 2020For the Month Ended July 31, 2020For the Year Ended July 31, 2020
Select an opening name for section one. DividendsExpensesNet Income / (Loss)Retained Earnings, August 1, 2019Retained Earnings, July 31, 2020RevenuesTotal ExpensesTotal Revenues

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

Egeland Ltd. Statement of Income

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

Gross profit margin

Enter gross profit margin in percentages rounded to 1 decimal place. %

f Egeland had 80,000 common shares outstanding throughout the year, determine the company's basic earnings per share. (Round answer to 2 decimal places, e.g. 52.75.)

Basic earnings per share

$Enter the basic earnings per share in dollars rounded to 2 decimal places.