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Prepare a Condensed Income Statement

View Policies Current Attempt in Progress The following are selected ledger accounts of Blue 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) $244,200 706,200 5,643,000 154,440 3,677,520 44,880 35,640 91,080 43,560 31,680 71,280 122,760 63,360 47,520 Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns Sales returils 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) $374,880 456,720 19,800 104,280 95,040 188,100 109,560 22,440 42,240 10,560 316,800 92,400 232,320 521,920 Blue'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 Blue Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48. BLUE CORPORATION

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