$22.$ Current Attempt in Progress

The financial records of Coronado Inc. were destroyed by fire at the end of $2025.$ Fortunately, the controller had kept certain

statistical data related to the income statement as follows.

The beginning merchandise inventory was $$117,760$ and decreased $20\%$ during the current year.

Sales discounts amount to $$14,280.$

$21,772$ shares of common stock were outstanding for the entire year.

Interest expense was $$18,000.$

The income tax rate is $30\%.$

Cost of goods sold amounts to $$500,000.$

Administrative expenses are $20\%$ of cost of goods sold but only $8\%$ of gross sales.

Four$-$fifths of the operating expenses relate to sales activities.

From the foregoing information prepare an income statement for the year $2025$ in single$-$step form. $($Round earnings per share to $2$

decimal places, e$.$g$.1\mathrm{.}48.)$

CORONADO INC.

Income Statement

December $31,2025$

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