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Kingbird Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2020, and May 31, 2021. The income from operations for the fiscal year ended May 31, 2020, was $1,719,000 and income from continuing operations for the fiscal year ended May 31, 2021, was $2,610,000. In both years, the company incurred a 10% interest expense on $2,335,000 of debt, an obligation that requires interest-only payments for 5 years. The company experienced a loss from discontinued operations of $610,000 on February 2021. The company uses a 20% effective tax rate for income taxes. The capital structure of Kingbird Corporation on June 1, 2019, consisted of 1,006,000 shares of common stock outstanding and 19,000 shares of $50 par value, 6%, cumulative preferred stock. There were no preferred dividends in arrears, and the company had not issued any convertible securities, options, or warrants. On October 1, 2019, Kingbird sold an additional 508,000 shares of the common stock at $20 per share. Kingbird distributed a 20% stock dividend on the common shares outstanding on January 1, 2020. On December 1, 2020, Kingbird was able to sell an additional 767,000 shares of the common stock at $22 per share. These were the only common stock transactions that occurred during the two fiscal years.

Determine the weighted-average number of shares that Kingbird Corporation would use in calculating earnings per share for the fiscal year ended:

I need help with the last section: EARNINGS PER SHARE

				Weighted-average number of shares
(1)		May 31, 2020		1613600
(2)		May 31, 2021		2200300

Prepare, in good form, a comparative income statement, beginning with income from operations, for Kingbird Corporation for the fiscal years ended May 31, 2020, and May 31, 2021. This statement will be included in Kingbirds annual report and should display the appropriate earnings per share presentations. (Round earnings per share to 2 decimal places, e.g. $1.55.)

KINGBIRD CORPORATION Comparative Income Statement For Fiscal Years Ended May 31, 2020 and 2021 2020 2021 Income From Operations $ 1719000 $ 2610000 Interest Expense 233500 i 233500 i Income Before Taxes > 1485500 2376500 Income Taxes

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