The following summarized data were provided by the records of Slate Inc. for the year ended December 31, 2020: Sales of merchandise for cash Sales of merchandise on credit Cost of sales Selling expenses Administrative expenses Sales returns and allowances Bad debt expense Items not included in the above amounts: Average income tax rate, 30% Number of common shares outstanding, 7,000 $222,000 33,000 149,000 40,400 19,200 7,200 660 Required: 1. Based on these data, prepare a multiple-step statement of earnings (showing both gross profit/(loss) and earnings from operations). (Round "Earnings per share" to 2 decimal places.) SLATE, INC. Statement of Earnings For the Year Ended December 31, 2020 Operating expenses: Earnings before income tax Earnings per share