Required informationP$6-4($Algo$)$ Preparing an Income Statement and Computing the Receivables Turnover Ratio with Discounts, Returns, and Bad Debts LO$6-1,6-2,6-3$Skip to question$[$The following information applies to the questions displayed below.$]$Tungsten Company, Incorporated, 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 TitlesDebitCreditCash$$35,300$ Accounts receivable $($net$)16,400$ Inventory, ending$53,800$ Operational assets$41,200$ Accumulated depreciation $$18,400$Liabilities $25,900$Capital stock $72,900$Retained earnings, January $1,$ Current Year $15,880$Sales revenue $149,000$Sales returns and allowances$6,900$ Cost of goods sold$78,900$ Selling expense$14,700$ Administrative expense$16,400$ Bad debt expense$3,400$ Sales discounts$7,100$ Income tax expense$7,980$ Totals$$282,080$$$282,080$Required information

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

$[$The following information applies to the questions displayed below.$]$

Tungsten Company, Incorporated, 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:

$\backslash$table$[[$Account Titles,Debit,Credit$],[$Cash$,$$$35,300,],[$Accounts receivable $($net$),16,400,],[$Inventory$,$ ending,$53,800,],[$Operational assets,$41,200,],[$Accumulated depreciation,,$$18,400],[$Liabilities$,,25,900],[$Capital stock,,$72,900],[$Retained earnings, January $1,$ Current Year,,$15,880],[$Sales revenue,,$149,000],[$Sales returns and allowances,$6,900,],[$Cost of goods sold,$78,900,],[$Selling expense,$14,700,],[$Administrative expense,$16,400,],[$Bad debt expense,$3,400,],[$Sales discounts,$7,100,],[$Income tax expense,$7,980,],[$Totals$,$$$282,080,$$$282,080]]$Required:

Beginning with the amount for net sales, prepare an income statement $($showing both gross profit and income from operations$).$ Note: Round "Earnings per share" to $2$ decimal places.

$\backslash$table$[[$TUNGSTEN COMPANY, INCORPORATED$],[$Income Statement$],[$For the Year Ended December $31,$ Current Year$],[$Net sales revenue,,,$135,000],[$Cost of goods sold,,,$78,900],[,,,],[$Gross profit,,,$56,100],[$Selling$,$ general, and administrative expenses:$],[$Selling expense,$ $(14,700),,],[$Administrative expense,$(16,400),,],[$Bad debt expense,$(3,400),,],[],[$Total selling, general, and administrative expenses,,,$(34,500)$