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, 40% Number of common shares outstanding, 5,000 $225,000 34,500 152,000 48,700 19,500 7,500 690 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 Statment of Earnings For the Year Endud December 31, 2020