The following summarized data were provided by the records of Slate Inc. for the year ended December 31, 2014:

Sales of merchandise for cash

$

233,000

Sales of merchandise on credit

40,000

Cost of sales

146,000

Selling expenses

47,200

Administrative expenses

20,000

Sales returns and allowances

8,000

Bad debt expense

1,200

Items not included in the above amounts:

Average income tax rate, 30%

Number of common shares outstanding, 4,500

1.	Based on these data, prepare a multiple-step statement of earnings (showing both gross profit and earnings from operations). (Round your "Earnings per share" answer to 2 decimal places.)