Your answer is partially correct. Try again The following balances were taken from the books of Alonzo Corp. on December 31, 2020 Interest revenue $86,000 Accumulated depreciation-equipment $40,000 Accumulated depreciation-buildings Cash 51,000 28,000 Sales revenue 1,380,000 Notes receivable 155,000 Selling expenses Accounts receivable 150,000 194,000 Prepaid insurance Accounts payable Bonds payable Administrative and general expenses 20,000 170,000 Sales returns and allowances 150,000 100,000 Allowance for doubtful accounts 7,000 97,000 45,000 Sales discounts Accrued liabilities 32,000 Land Interest expense 100,000 60,000 Notes payable Equipment 200,000 100,000 140,000 Loss from earthquake damage Buildings Cost of goods sold 150,000 621,000 Common stock 500,000 Retained earnings 21,000 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.) ALONZO CORP. Income Statement For the Year Ended December 31, 2020 Sales $1380000 Sales Revenue Less Sales Returs and Allowances 150000 Sales Discounts 45000 195000 185000 Net Sales 621000 Cost of Goods Sold Gross Profit/ (Loss) 564000 TOperating Expenses 194000 Selling Expenses Administrative Expenses 197000 T291000 Income From Operations 273000 Other Revenues and Gains 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.) ALONZO CORP. Income Statement For the Year Ended December 31, 2020 Sales Sales Revenue t1380000 TLess $150000 Sales Retums and Allowances Sales Discounts 45000 195000 1185000 Net Sales 1621000 Cost of Goods Sold TGross Profit/ (Loss) 564000 TOperating Expenses) Selling Expenses 194000 Administrative Expenses 97000 1291000 273000 TIncome From Operations) Other Revenues and Gains 86000 TInterest Revenuel 359000 Other Expenses and Losses TLOSS from Earthquake Damage T150000 60000 Tinterest Expense Income Before Income Tax T149000 Income Tax Expense 101660 INet Income / (Loss) .98 Per share of common stock: .989 Earnings Per Common Share