The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:

Account Title	Debits	Credits
Sales revenue		2,700,000
Interest revenue		87,000
Loss on sale of investments	26,000
Cost of goods sold	1,260,000
Loss on inventory write-down (obsolescence)	270,000
Selling expense	370,000
General and administrative expense	185,000
Interest expense	86,000

There were 300,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25%.

Required:

1. Prepare a single-step income statement for 2021, including EPS disclosures.

2. Prepare a multiple-step income statement for 2021, including EPS disclosures.

Prepare a single-step income statement for 2021, including EPS disclosures. (Round EPS answer to 2 decimal places.)

GENERAL LIGHTING CORPORATION
Income Statement
For the Year Ended December 31, 2021
Revenues and gains:
Sales revenueselected answer correct	not attempted	$2,700,000selected answer correct
Interest revenueselected answer correct	not attempted	87,000selected answer correct
not attempted	not attempted	not attempted
Total revenues and gains		2,787,000
Expenses and losses:
Cost of goods soldselected answer correct	$1,260,000selected answer correct
Loss on sale of investmentsselected answer correct	26,000selected answer correct
Loss on inventory write-downselected answer correct	270,000selected answer correct
Selling expenseselected answer correct	370,000selected answer correct
General and administrative expenseselected answer correct	185,000selected answer correct
Interest expenseselected answer correct	86,000selected answer correct
not attempted	not attempted
not attempted	not attempted
Total expenses and losses		2,197,000
Income before income taxes		590,000
Income tax expenseselected answer correct		147,500selected answer correct
Net income		$442,500selected answer correct
Earnings per share		$1.48selected answer correct

GENERAL LIGHTING CORPORATION
Income Statement
For the Year Ended December 31, 2021
Sales revenueselected answer correct		$2,700,000selected answer correct
Cost of goods soldselected answer correct		1,260,000selected answer correct
Gross profit		1,440,000
Operating expenses:
Selling expenseselected answer correct	$370,000selected answer correct
General and administrative expenseselected answer correct	185,000selected answer correct
Loss on inventory write-downselected answer correct	270,000selected answer correct
not attempted	not attempted
not attempted	not attempted
Total operating expenses		825,000
Operating income		615,000
Other income (expense):
Interest revenueselected answer correct	87,000selected answer correct
Loss on sale of investmentsselected answer correct	(26,000)selected answer correct
Interest expenseselected answer correct	(86,000)selected answer correct
not attempted	not attempted
Total other income (expense), net		(25,000)
Income before income taxes		590,000
Income tax expenseselected answer correct		236,000selected answer incorrect
Net income		$442,500selected answer correct
Earnings per share		$1.33selected answer incorrect