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The financial records of LeRoi Jones Inc. were destroyed by fire at the end of 2017....

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Accounting

The financial records of LeRoi Jones Inc. were destroyed by fireat the end of 2017. Fortunately, the controller had kept certainstatistical data related to the income statement as follows.

1.The beginning merchandise inventory was $92,000 and decreased20% during the current year.
2.Sales discounts amount to $17,000.
3.20,000 shares of common stock were outstanding for the entireyear.
4.Interest expense was $20,000.
5.The income tax rate is 30%.
6.Cost of goods sold amounts to $500,000.
7.Administrative expenses are 20% of the cost of goods sold butonly 8% of gross sales.
8.Four-fifths of the operating expenses related to salesactivities.


From the foregoing information prepare an incomestatement for the year 2017 in single-step form.(Round earnings per share to 2 decimal places, e.g.1.48.)

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