JRCES 4 1 Study Problem 4-04 (Part Level Submission) The following account balances were included in the trial balance of Swifty Corporation at June 30, 2020. Sales revenue $1,590,740 Depreciation expense (office furniture and equipment) $6,648 Sales discounts 32,570 Property tax expense 7,291 Cost of goods sold 899,700 Bad debt expense (selling) 4,393 Salaries and wages expense (sales) 57,350 Maintenance and repairs expense (administration) 9,659 Sales commissions 98,130 Office expense 5,460 Travel expense (salespersons) 34,600 Sales returns and allowances 68,403 Delivery expense 22,690 Dividends received 39,210 Entertainment expense 14,980 Interest expense 19,510 Telephone and Internet expense (sales) 9,100 Income tax expense 94,670 Depreciation expense (sales equipment) 5,289 Depreciation understatement due to error-2017 (net of tax) 16,437 Maintenance and repairs expense (sales) 5,707 Dividends declared on preferred stock 9,300 Miscellaneous selling expenses 4,898 Dividends declared on common stock 39,450 Office supplies used 3,373 Telephone and Internet expense (administration) 2,560 The Retained Earnings account had a balance of $361,900 at July 1, 2019. There are 78,560 shares of common stock outstanding. (al) Using the multiple-step form, prepare an income statement for the year ended June 30, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.) SWIFTY CORPORATION Income Statement For the Year Ended June 30, 2020 Sales Sales Revenue Less Sales Discounts $