Question 1 Your answer is partially correct. Try again. The following balances were taken from the books of Coronado Corp. on December 31, 2017 Interest revenue as Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful acco Sales discounts Land Equipment Buildings Cost of goods sold $87,150 52,150 1,381,150 151,150 21,150 151,150 8,150 46,150 101,150 201,150 141,150 622,150 Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage Common stock Retained earnings $41,150 29,150 156,150 195,150 171,150 101,150 98,150 33,150 61,150 101,150 151,150 501,150 22,150 Assume the total effective tax rate on all items is 34% Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48.) CORONADO CORP Income Statement For the Year Ended December 31, 2017 Revenue Sales Revenue 1,381,150 Less Sales Discounts 46,150 Sales Returns and Allowances 151,150 197300 Net Sales 1183850