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The following balances were taken from the books of Skysong Corp. on December 31, 2020. Interest revenue $87.250 Accumulated depreciation equipment $41,250 Cash 52.250 Accumulated depreciation-buildings 29,250 156,250 Sales revenue 1,381,250 Notes receivable Accounts receivable Selling expenses 195.250 Prepaid insurance Accounts payable 171,250 151.250 21,250 151,250 8,250 Sales returns and allowances Bonds payable 101,250 Allowance for doubtful accounts Administrative and general expenses 98.250 33.250 Sales discounts 46,250 Accrued liabilities Land Interest expense 61,250 101,250 201,250 Equipment Notes payable 101,250 Buildings Loss from earthquake damage 141,250 622,250 151,250 501,250 Cost of goods sold Common stock Retained earnings 22,250 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement: 100.000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48.) SKYSONG CORP. Income Statement For the Year Ended December 31, 2020 Sales Sales Revenue $ 1381250 1381250 Less : Sales Returns and Allowances 151250 i Sales Discounts 7 462501 197500 i Net Sales 1183750 Cost of Goods Sold 622250 i Gross Profit/(Loss) 561500 Operating Expenses Selling Expenses 195250 i Administrative Expenses 98250 293500 i Income From Operations 268000 Other Revenues and Gains Interest Revenue Interest Revenue 87250 355250 293500 i Income From Operations 268000 Other Revenues and Gains Interest Revenue 87250 355250 Other Expenses and Losses Allowance for doubtful accounts 8250 Loss from Earthquake Damage 51250 i Income Before Income Tax 195750 Income Tax Expense