(Solved): Preparing a Single-Step Income Statement The following items are from the adjusted trial balance of ...

Preparing a Single-Step Income Statement The following items are from the adjusted trial balance of Bailey Corp. on December 31, the end of its annual accounting period. Assume an average $25\%$ income tax on all items. Weighted average shares of common stock outstanding for the year were 10,000. Prepare a single-step income statement for the 12 months ended December 31, including the earnings per share disclosures. Report income taxes in its own section. Note: Enter the answer for earnings per share in dollars and cents, rounded to the nearest penny. salley corp. Income Statement For the Year Ended December 31 Revenues and gains Earnings per share $\$$ 0