- Your answer is partially correct The following are selected ledger accounts of Blossom Corporation at December 31, 2020. Cash Inventory Sales revenue Unearned sales revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense Depreciation expense (office equipment) Depreciation expense (sales equipment) $247.900 716.900 5,728,500 156.780 3,733,240 45,560 36.180 92,460 44,220 32,160 72.360 124,620 64,320 48,240 Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns Sales returns and allowances Freight-in Accounts receivable Sales commissions Telephone and internet expense (sales) Utilities expense (office) Miscellaneous office expenses Rent revenue Casualty loss (before tax) Interest expense Common stock ($10 par) $380,560 463.640 20,100 105,860 96,480 190,950 111,220 22,780 42,880 10,720 321,600 93,800 235,840 678.720 Blossom's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000 Prepare a condensed 2020 income statement for Blossom Corporation (Round earnings per share to 2 decimal places, eg. 1.48.) BLOSSOM CORPORATION Income Statement For the Year Ended December 31, 2020 Net Sales 5577080 Cost of Goods Sold 3804340 i Gross Profit (Loss) 1772740 Selling Expenses 852240 Administrative Expenses 657940 i 1510180 Income From Operations 262560 Rent Revenge 321600 Casualty loss 93800 i Gross Profit/(Loss! 1772740 Selling Expenses 852240 Administrative Expenses 657940 1510180 Income From Operations 262560 Rent Revenue 321600 Casualty loss 93800 Interest Expense 235840 8040 i Income Before Income Tax 254520 Income Tax Expense 18760 Net Income / Loss) $ 235760 Earnings Per Share $ 3.0