Use this information to answer the following questions: Ivory Co. 12/31/2021 Debits Credits Partial Trial Balance Data Sales revenue 700,000 Interest revenue 60,000 Gain on sale of investments 110,000 Cost of goods sold 500,000 Selling expense 150,000 Interest expense 40,000 General and administrative expenses 100,000 Ivory had 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%.

b) Required: Prepare a multiple-step income statement with earnings per share disclosure.

Show computations for the tax and EPS in both a & b.

Make sure you have proper headings, columns, subtotals and totals.