The financial records of Geneva Inc. were destroyed by fire at the end of 2017. Fortunately, the controller had kept the following statistical data related to the income statement:

1. The beginning merchandise inventory was $84,000 and it decreased by 20% during the current year.

2. Sales discounts amounted to $15,000.

3. There were 15,000 common shares outstanding for the entire year.

4. Interest expense was $20,000.

5. The income tax rate was 25%.

6. Cost of goods sold amounted to $420,000.

7. Administrative expenses were 20% of cost of goods sold but only 4% of gross sales.

8. Selling expenses were four fifths of cost of goods sold.

Instructions

Based on the available data, prepare a single-step income statement for the year ended December 31, 2017, including calculation of EPS. Expenses should be shown by function.