Required information. P6-4 (Algo) Preparing an Income Statement and Computing the Receivables Turnover Ratio with Discounts, Returns, and Bad Debts LO6-1, 6-2, 6-3 [The following information applies to the questions displayed below.] Tungsten Company, Inc., sells heavy construction equipment. There are 10,000 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: Account Titles Credit Cash Debit $ 35,800 20,450 Accounts receivable (net) Inventory, ending 54,200 Operational assets 42,200 Accumulated depreciation Liabilities $ 19,000 26,200 Capital stock Retained earnings, January 1, current year Sales revenue 74,200 11,480 158, 100 Sales returns and allowances 6,150 Cost of goods sold 79,500 Selling expense 15,200 Administrative expense 16,500 2,700 Bad debt expense Sales discounts 7,500 Income tax expense 8,780 Totals $ 288,980 $288,980 Required: 1. Beginning with the amount for net sales, prepare an income statement (showing both gross profit and income from operations). (Round "Earnings per share" to 2 decimal places.) TUNGSTEN COMPANY, INC. Income Statement For the Year Ended December 31, Current Year Sales retums and allowances Sales discount Net sales revenue Gross profit Operating expenses Selling expense Administrative expense Bad debt expense Total operating expenses Income from operations Income tax expense Net income Eamings per share on capital stock outstanding kevenemine verm