Required information P6-4 (Algo) Preparing an Income Statement and Computing the Receivables Turnover Ratio with Discounts, Returns, and Bad Debts LO6-1, 6-2, 6-3 Skip to question [The following information applies to the questions displayed below.] Tungsten Company, Inc., sells heavy construction equipment. There are 14,000 shares of capital stock outstanding. The annual fiscal period ends on December 31. The following condensed trial balance was taken from the general ledger on December 31, Current Year: Account TitlesDebitCredit Cash$34,100 Accounts receivable (net) 15,700 Inventory, ending 53,000 Operational assets 41,300 Accumulated depreciation $17,300 Liabilities 24,400 Capital stock 72,700 Retained earnings, January 1, Current Year 17,880 Sales revenue 148,400 Sales returns and allowances 6,300 Cost of goods sold 78,800 Selling expense 15,400 Administrative expense 15,900 Bad debt expense 2,300 Sales discounts 8,200 Income tax expense 9,680 Totals$280,680$280,680 P6-4 Part 1 Required: 1. Beginning with the amount for net sales, prepare an income statement (showing both gross profit and income from operations). (Round "Earnings per share" to 2 decimal places.)