The following is a partial trial balance for the Green Star Corporation as of December 31, 2016:Account Title Debits CreditsSales revenue 1,300,000(credit)Interest revenue 30,000(credit)Gain on sale of investments 50,000(credit)Cost of goods sold 720,000(debit)Selling expenses 160,000(debit)General and administrative expenses 75,000(debit)Interest expense 40,000(debit)Income tax expense 130,000(debit)100,000 shares of common stock were outstanding throughout 2016.Required:1. Prepare a single-step income statement for 2016, including EPS disclosures.2. Prepare a multiple-step income statement for 2016, including EPS disclosures.

1. Prepare a single-step income statement for 2016, including EPS disclosures.

              Green Star Corporation

                  Income Statement

 For the Year Ended on December 31, 2016

Revenues and gains:

Sales revenue                                       $1,300,000

Interest revenue                                        $30,000

Gain on sale of investments                     $50,000

Total revenues and gains                     $1,380,000

Expenses and losses:

Cost of goods sold                                  $720,000

Selling expenses                                      $160,000

General and administrative expenses     $75,000

Interest expense                                       $40,000

Income tax expense                               $130,000

Total expenses and losses                   $1,125,000

Net income                                             $255,000

Earnings per share                                       $2.55

              Green Star Corporation

                  Income Statement

 For the Year Ended on December 31, 2016

Sales revenue                                       $1,300,000

Cost of goods sold                                  $720,000

Gross profit                                              $580,000

Operating expenses:

Selling expenses                                      $160,000

General and administrative expenses     $75,000

Operating income                                   $345,000

Non-operating income and expenses:

Interest revenue                                        $30,000

Gain on sale of investments                     $50,000

Interest expense                                       $40,000

Net income before taxes                       $385,000

Income tax expense                                $130,000

Net income                                             $255,000

Earnings per share                                       $2.55

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