The following summarized data were provided by the records of Slate Inc. for the year ended December 31, 2020:

Sales of merchandise for cash	$	229,000
Sales of merchandise on credit		36,500
Cost of sales		156,000
Selling expenses		41,100
Administrative expenses		19,900
Sales returns and allowances		7,900
Bad debt expense		730
Items not included in the above amounts:
Average income tax rate, 40%
Number of common shares outstanding, 3,000

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 0 0 Operating expenses: 0 Earnings before income tax 0 $ 0 Earnings per share 2. Compute the amount of gross profit/(Loss) and the gross profit/(loss) percentage. (Round percentage answer to the nearest whole percent (i.e., 0.124 should be entered as 12).) %