Tungsten Company. Inc., sells heavy construction equipment. There are 11.500 shares of capital Stock outstanding. The annual fiscal period ends on December 31. The following condensed trial balance was taken from the general ledger on December 31, 2014 Credit Debit $ 34,600 16.400 54.000 41.600 $ Account Titles Cash Accounts receivable (net) Inventory, ending Operational assets Accumulated depreciation Liabilitles Capital stock Retained earnings, January 1, 2014 Sales revenue Sales returns and allowances Cost of goods sold Selling expense Administrative expense Bad debt expense Sales discounts Income tax expense 18.100 25.500 72.600. 18.880 148.800 6.000 80.200 15.900 17.000 2.600 7.800 7.780 Totals $ 283.880 $283.880 Required: 1. Beginning with the amount for net sales prepare an income statement (showing both gross profit and income from operations) Treat sales discounts and sales returns and allowances as a contra-revenue! (Round "Earnings per share" to 2 decimal places.) TUNGSTEN COMPANY, INC Income Statement For the Year Ended December 31, 201 Operating expenses Earnings per share on capital stock outstanding