Reference no: EM132466637

The accountant of Nash Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2020.

Rent revenue                                                        $30,100

Interest expense                                                   19,100

Market appreciation on land above cost                     32,100

Salaries and wages expense (selling)                       115,900

Supplies expense (selling)                                      18,700

Income tax                                                        24,200

Salaries and wages expense (administrative)        137,000

Other administrative expenses                            52,800

Cost of goods sold                                        497,100

Net sales                                                   981,100

Depreciation on plant assets (70% selling, 30% administrative)66,100

Cash dividends declared                            17,100

• There were 20,000 shares of common stock outstanding during the year.

Question 1: Prepare a multiple-step income statement. (Round earnings per share to 2 declmal places, eg. 1.48.)