The following are selected ledger accounts of Concord Corporation at December 31, 2025. Cash $181,300 Salaries...

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The following are selected ledger accounts of Concord Corporation at December 31, 2025. Cash $181,300 Salaries and wages expense (sales) $278,320 Inventory 524,300 Salaries and wages expense (office) 339,080 Sales revenue 4,189,500 Purchase returns 14,700 Unearned sales revenue 114,660 Sales returns and allowances 77,420 Purchases 2,730,280 Freight-in 70,560 Sales discounts 33,320 Accounts receivable 139,650 Purchase discounts 26,460 Sales commissions 81,340 Selling expenses 67,620 Telephone and Internet expense (sales) 16,660 Accounting and legal services 32,340 Utilities expense (office) 31,360 Insurance expense (office) 23,520 Miscellaneous office expenses 7,840 Advertising expense 52,920 Rent revenue 235,200 Delivery expense 91,140 Casualty loss (before tax) 68,600 Depreciation expense (office equipment) 47,040 Interest expense 172,420 Depreciation expense (sales equipment) 35,280 Common stock ($10 par) 912,000 Concord's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000. Prepare a condensed 2025 income statement for Concord Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) The following are selected ledger accounts of Concord Corporation at December 31, 2025. Cash $181,300 Salaries and wages expense (sales) $278,320 Inventory 524,300 Salaries and wages expense (office) 339,080 Sales revenue 4,189,500 Purchase returns 14,700 Unearned sales revenue 114,660 Sales returns and allowances 77,420 Purchases 2,730,280 Freight-in 70,560 Sales discounts 33,320 Accounts receivable 139,650 Purchase discounts 26,460 Sales commissions 81,340 Selling expenses 67,620 Telephone and Internet expense (sales) 16,660 Accounting and legal services 32,340 Utilities expense (office) 31,360 Insurance expense (office) 23,520 Miscellaneous office expenses 7,840 Advertising expense 52,920 Rent revenue 235,200 Delivery expense 91,140 Casualty loss (before tax) 68,600 Depreciation expense (office equipment) 47,040 Interest expense 172,420 Depreciation expense (sales equipment) 35,280 Common stock ($10 par) 912,000 Concord's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000. Prepare a condensed 2025 income statement for Concord Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)

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To prepare a condensed 2025 income statement for Concord Corporation we need to calculate the releva... View the full answer