Exercise 4-04 Your answer is partially correct. Try again. The financial records of Kingbird Inc. were destroyed by fire at the end of 2020. Fortunately, the controller had kept certain statistical data related to the income statement as follows. 1. The beginning merchandise inventory was $95,680 and decreased 20% during the current year. 2. Sales discounts amount to $13,600. 3. 23,352 shares of common stock were outstanding for the entire year. 4. Interest expense was $21,200. 5. The income tax rate is 30%. 6. Cost of goods sold amounts to $570,000. 7. Administrative expenses are 20% of cost of goods sold but only 8% of gross sales. 8. Four-fifths of the operating expenses relate to sales activities, From the foregoing information prepare an income statement for the year 2020 in single-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.) KINGBIRD INC. Income Statement For the Year Ended December 31, 2020 Revenues Net Sales 1411400 sold 570000 1411400 Version 4.24.21.1 CALC KINGBIRD INC. Income Statement For the Year Ended December 31, 2020 Revenues Net Sales 1411400 Expenses Cost of Goods Sold 570000 Selling Expenses 1411400 Administrative Expense 114000 Interest Expense 21200 Total Expenses 2002600 x -591200 -177360 413840 Privacy Policy sind All Rights Reserved Cost of Goods Sold CALC 570000 Selling Expenses 1411400 Administrative Expense 114000 Interest Expense 21200 Total Expenses 2002600 Income Before Income Tax -591200 Income Tax Expense X -177360 Net Income / (Loss) 413840 Earnings Per Share 17.72 Click if