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Prepare an income statement for Virginia Slim Wear. Take your calculations all the way to...

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Accounting

Prepare an income statement for Virginia Slim Wear. Take your calculations all the way to computing earnings per share.

Sales $1,360,000
Shares outstanding 104,000
Cost of goods sold 700,000
Interest expense 34,000
Selling and administrative expense 49,000
Depreciation expense 23,000
Preferred stock dividends 86,000
Taxes 100,000

What is the correct amount for net income?

What is the correct amount for net income attributable to common shareholders?

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