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Section B: Problem questions 1. Genesis Corporation's capital structure consists of 80,000 shares of common...

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Section B: Problem questions 1. Genesis Corporation's capital structure consists of 80,000 shares of common stock and 20,000 shares of preferred stock. At December 31, 2017 an analysis of the accounts and discussions with company officials revealed the following information: $3,800,000 150,000 800,000 Sales revenue Discontinued operations loss (net of tax) Selling expenses Cash Preferred stock Common stock Cost of goods sold Accumulated depreciation-machinery Dividend revenue Unearned service revenue Interest payable 40,000 70,000 1,400,000 700,000 30,000 25,000 6,400 2,000 6,500 Interest expense Administrative and general expenses Dividends declared on preferred stock Allowance for doubtful accounts Accounts payable 540,000 5,000 3,000 45,000 The federal income tax rate for corporations is 35%. Instructions Prepare a multiple-step income statement for the year ended December 31, 2017. Present Earnings per Share (EPS) on the face of the income statement

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