Account Balance Cash 32,000 Accounts receivable 56,000 Sales revenue 1,500,000 Sales discounts 20,000 General and admin expense

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Account Balance Cash 32,000 Accounts receivable 56,000 Sales revenue 1,500,000 Sales discounts 20,000 General and admin expense 130,000 Cost of goods sold expense 900,000 Unearned sales revenue 46,000 Selling expense 150,000 Interest expense 65,000 Dividends declared and paid on preferred stock 15,000

Required 1. Prepare a Condensed Multiple Step Income Statement in good form with appropriate title, categories, subtotals, and totals. The income tax rate is 30%. Note - some items listed above might not belong on the income statement. 2. Calculate Earnings Per Share assuming the weighted average number of shares of common stock outstanding are 10,000 shares