Reference no: EM132719612

Question - The following are selected ledger accounts of Concord Corporation at December 31, 2017:

Cash $190,000

Entertainment expense $70,600

Inventory (as of Jan. 1, 2017) 538,000

Office expense 33,600

Sales revenue 4,271,000

Insurance expense 24,300

Unearned revenue 113,000

Advertising expense 51,600

Purchases 2,711,000

Freight-out 93,800

Sales discounts 32,000

Depreciation of office equipment 51,100

Purchase discounts 25,000

Depreciation of sales equipment 35,000

Salaries and wages (sales) 285,000

Telephone and Internet expense (sales) 17,800

Salaries and wages (administrative) 342,000

Utilities expense (administrative) 31,000

Purchase returns and allowances 15,000

Miscellaneous expense 6,300

Sales returns and allowances 76,000

Rental revenue 240,000

Freight-in 69,000

Loss on disposal of equipment 65,000

Accounts receivable 141,300

Interest expense 182,000

Sales commission expense 81,500

Common shares 860,000

Holland's effective tax rate on all items is 30%. A physical inventory indicates that the ending inventory is $686,000. The number of common shares outstanding is 86,000.

Required - Make a condensed multi-step 2017 income statement for Concord Corporation, showing expenses by function. Include calculation of EPS.