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The following are selected ledger accounts of Novak Corporation at December 31, 2020.

Cash		$255,300		Salaries and wages expense (sales)		$391,920
Inventory		738,300		Salaries and wages expense (office)		477,480
Sales revenue		5,899,500		Purchase returns		20,700
Unearned sales revenue		161,460		Sales returns and allowances		109,020
Purchases		3,844,680		Freight-in		99,360
Sales discounts		46,920		Accounts receivable		196,650
Purchase discounts		37,260		Sales commissions		114,540
Selling expenses		95,220		Telephone and Internet expense (sales)		23,460
Accounting and legal services		45,540		Utilities expense (office)		44,160
Insurance expense (office)		33,120		Miscellaneous office expenses		11,040
Advertising expense		74,520		Rent revenue		331,200
Delivery expense		128,340		Casualty loss (before tax)		96,600
Depreciation expense (office equipment)		66,240		Interest expense		242,880
Depreciation expense (sales equipment)		49,680		Common stock ($10 par)		483,280

Novaks effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000. Prepare a condensed 2020 income statement for Novak Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)

NOVAK CORPORATION Income Statement December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
Applicable Income TaxDividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues		$
Applicable Income TaxDividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
	$
Applicable Income TaxDividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
Applicable Income TaxDividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
Applicable Income TaxDividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues		$
Applicable Income TaxDividendsEarnings Per ShareExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Net SalesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues		$

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