Reference no: EM13601344

The following is a partial trial balance for General Lighting Corporation as of December 31, 2013:
Account Title Debits Credits

• Sales revenue 2,800,000
• Rental revenue 89,000
• Loss on sale of investments 27,000
• Loss from flood damage 210,000
• Cost of goods sold 1,280,000
• Loss from write-down of inventory due to obsolescence 290,000
• Selling expenses 390,000
• General and administrative expenses 195,000
• Interest expense 88,000

200,000 shares of common stock were outstanding throughout 2013. Income tax expense has not yet been accrued. The income tax rate is 40%.

Prepare a single-step income statement for 2013, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Round EPS answers to 2 decimal places.)