The following balances were taken from the books of Maria Conchita Alonzo Corp. on December 31, 2014.
| Interest revenue | $94,500 | Accumulated depreciation”buildings | $36,500 | |||
| Cash | 59,500 | Notes receivable | 163,500 | |||
| Sales revenue | 1,388,500 | Selling expenses | 202,500 | |||
| Accounts receivable | 158,500 | Accounts payable | 178,500 | |||
| Prepaid insurance | 28,500 | Bonds payable | 108,500 | |||
| Sales returns and allowances | 158,500 | Administrative and general expenses | 105,500 | |||
| Allowance for doubtful accounts | 15,500 | Accrued liabilities | 40,500 | |||
| Sales discounts | 53,500 | Interest expense | 68,500 | |||
| Land | 108,500 | Notes payable | 108,500 | |||
| Equipment | 208,500 | Loss from earthquake damage (extraordinary item) |
158,500 | |||
| Buildings | 148,500 | Common stock | 508,500 | |||
| Cost of goods sold | 629,500 | Retained earnings | 29,500 | |||
| Accumulated depreciation”equipment | 48,500 |
Assume the total effective tax rate on all items is 34%.
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.)