Your answer is partially correct. Try again. The following balances were taken from the books of Nash Corp. on December 31, 2020. $87,050 52,050 1,381,050 151,050 21,050 151,050 Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold 8,050 Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings $41,050 29,050 156,050 195,050 171,050 101,050 98,050 33,050 61,050 101,050 151,050 501,050 22,050 46,050 101,050 201,050 141,050 622,050 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 earn NASH CORP. Income Statement 1381050 Sales Discounts 45050 197100 Net Sales 1578150 T Cost of Goods Sold 622050 Gross Profit/ (Loss) 956100 TOperating Expenses T Selling Expenses 195050 99050 T Administrative Expense 293100 Income From Operations 663000 TOther Revenues and Gains Other Revenues and Gains 1111111111111 TNet Income (Loss) Per share of common stock: TEarnings Per Common Share Click if you would like to show Work for this question: Qen Shoe Wor SHOW LIST OF ACCOUNTS