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P$6-4($Algo$)$ Preparing an Income Statement and Computing the Receivables Turnover Ratio with Discounts, Returns, and Bad Debts LO$6-1,6-2,6-3$

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Tungsten Company, Incorporated, sells heavy construction equipment. There are $14,000$ 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 $31,$ Current Year:

$\backslash$table$[[$Account Titles,Debit,Credit$],[$Cash$,$$$34,900,],[$Accounts receivable $($net$),15,900,],[$Inventory$,$ ending,$53,800,],[$Operational assets,$40,300,],[$Accumulated depreciation,,$$17,900],[$Liabilities$,25,400,],[$Capital stock,,$72,700],[$Retained earnings, January $1,$ Current,,$14,180],[$Year$,,149,100],[$Sales revenue,$7,900,],[$Sales returns and allowances,$15,700,],[$Cost of goods sold,$17,400,],[$Selling expense,$1,700,],[$Administrative expense,$7,000,],[$Bad debt expense,$7,880,],[$Sales discounts,$$279,280,$$$279,280],[$Income tax expense,,$]]$ Required:

Beginning with the amount for net sales, prepare an income statement $($showing bot

operations$).$

Note: Round "Earnings per share" to $2$ decimal places.