pt in Progress EYour answer is partially correct The financial records of Marigold Inc. were destroyed by fire at the end of 2020. Fortunately, the controller had kept cer statistical data related to the income statement as follows. The beginningmerchandise inventory was $97,520 and decreased 20 % during the current year. 1. Sales discounts amount to $15,300. 2. 3. 21,812 shares of common stock were outstanding for the entire year. 4. Interest expense was $16,000 5. The income tax rate is 30% 6. Cost of goods sold amounts to $530,000. 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 deci mal places, e.g. 1.48.) MARIGOLD INC. Income Statement For the Year Ended December 31, 2020 Revenues ture.com The Financial Records Of Headland Inc. Were Destro... I Chegg.com The Financial Records Of Blue Inc. Were Destroyed... I Che MARIGOLD INC Income Statement For the Year Ended December 31, 2020 Revenues Net Sales 1,309,700 Expenses Cost of Goods Sold 530,000 Interest Expense i 16,000 Administrative Expenses 106,000 Selling Expenses 424,000 Total Expenses 1,076,000 Income Before Income Tax 233,700 Income Tax Expense 70,10 Net Income/(Loss) 1,379,810 $ Earnings Per Share 21.11 tA