Reference no: EM132609502

he following account balances were included in the trial balance of Sunland Corporation at June 30, 2020.

Sales revenue              $1,594,320                         Depreciation expense (office furniture and equipment)    $7,213

Sales discounts               32,400                                      Property tax expense                                        7,949

Cost of goods sold              906,600                                   Bad debt expense (selling)                               5,170

Salaries and wages expense (sales)   57,560                      Maintenance and repairs expense (administration)   8,340

Sales commissions                                99,250                      Office expense                                             5,520

Travel expense (salespersons)                  34,000                     Sales returns and allowances                            65,164

Delivery expense                                   22,840                         Dividends received                                          40,670

Entertainment expense                             15,080                          Interest expense                                          16,990

Telephone and Internet expense (sales)       9,150                 Income tax expense                                                 94,080

Depreciation expense (sales equipment)          5,251               Depreciation understatement due to error-2017 (net of tax) 19,148

Maintenance and repairs expense (sales)          5,702                       Dividends declared on preferred stock                         9,030

Miscellaneous selling expenses                         4,605                       Dividends declared on common stock                       36,450

Office supplies used 3,287

Telephone and Internet expense (administration) 2,703

The Retained Earnings account had a balance of $332,700 at July 1, 2019. There are 75,210 shares of common stock outstanding.

Question 1: Using the multiple-step form, an income statement for the year ended June 30, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.)