The following balances were taken from the books of Novak Corp. on December 31, 2020. Interest reven

The following balances were taken from the books of Novak Corp.
on December 31, 2020.

Interest revenue

$88,200

Accumulated depreciation—equipment

$42,200

Cash

53,200

Accumulated depreciation—buildings

30,200

Sales revenue

1,382,200

Notes receivable

157,200

Accounts receivable

152,200

Selling expenses

196,200

Prepaid insurance

22,200

Accounts payable

172,200

Sales returns and allowances

152,200

Bonds payable

102,200

Allowance for doubtful accounts

9,200

Administrative and general expenses

99,200

Sales discounts

47,200

Accrued liabilities

34,200

Land

102,200

Interest expense

62,200

Equipment

202,200

Notes payable

102,200

Buildings

142,200

Loss from earthquake damage

152,200

Cost of goods sold

623,200

Common stock

502,200

Retained earnings

23,200

Assume the total effective tax rate on all items is 20%.

Prepare a multiple-step income statement; 100,000 shares of common
stock were outstanding during the year. (Round earnings
per share to 2 decimal places, e.g. 1.48.)







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