P6-4 Preparing an Income Statement and Computing the Receivables Turnover Ratio with Discounts, Returns, and Bad Debts L06-1, 6-2, 63 The following information applies to the questions displayed below! Tungsten Company, Ine, sells heavy construction equipment There are 13,000 shares of capital stock outstanding The annual fiscal period ends on December 31 The following condensed trial balance was taken from the general ledger on December Current Year Credit 5 Debit 34.700 15 500 52 500 41800 Account Tiles Co Accounts receivable net) inventory, ending Operational assets Accumulated depreciation Labies CopOCK Retired earrings January 1, Cunet Year Sales revenue Sales returns and allowances Cost of goods sold Selling expense Amitive expense Bad debt odense Sales discours Income tax expense Totais $ 17300 25.500 73,000 15190 149900 5.500 80.200 14.300 15,800 1800 6.800 BB $ 200,00 5200080 Required: 1. Beginning with the amount for net sales, prepare an income statement showing both gross profit and income from operation Treat sales discounts and sales returns and allowances as a contra-revenue (Round "Earnings per share" to 2 decimal places