l. You may use the attached spreadsheet to help you complete this activity, but you are not required to do so. wll find the spreadsheet by clicking on the green Excel icon in the upper left hand corner ofthe activity. Simple Income Statement The following are selected items for Albertson Company as of December 31, 2016 $63,000 Purchases (net) $100,000 Sales (net) Merchandise inventory, January 1, 2016 $20,000 $22,000 operating expenses $5,000 Gain on sale of equipment The merchandise inventory on December 31, 2016, is $31,000. Ten thousand shares of common stock have bee outstanding the entire year. Albertson uses a periodic inventory system. Required: Assuming a 30% income tax rate on all items of income, prepare a 2016 income statement for Albertson Comp using a multiple-step format. Round earnings per share computations to two decimal places. ALBERTSON COMPANY Income Statement (Multi-Step) For Year Ended December 31, 2016 100,000 Sales (net) Cost of goods sold 20,000 Inventory, 1/1/2016 63,000 Add: Purchases (net) Costo s available for sale s3,000 Less: Inventory, 12/31/2016 L 3i,000 52,000 Cost of goods sold s 48.000 Gross profit 22,000 operating expenses 26,000 Operating income Other items 5,000 Gain on sale of equipment