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The income statement for Weatherford International Inc.$$s year ended December $31,2023,$ was prepared by an inexperienced bookkeeper. As the new accountant, your immediate priority is to correct the statement. All amounts included in the statement are before tax $($assume a rate of $35\%).$ The company had $104,000$ common shares issued and outstanding throughout the year, as well as $20,800$ shares of $$1\mathrm{.}20$ cumulative preferred shares issued and outstanding. Retained earnings at December $31,2022,$ were $$330,800.$

Weatherford International Inc.

Income Statement

December $31,2023$

Revenues:

Sales $ $1,162,000$

Gain on sale of equipment $14,800$

Interest income $6,800$

Gain on sale of plant $142,000$

Operating profit on discontinued operation $29,240$ $ $1,354,840$

Expenses:

Cost of goods sold $ $352,000$

Selling and administrative expenses $182,000$

Sales discounts $11,960$

Loss on sale of discontinued operation $36,400$

Dividends $124,000706,360$

Profit $ $648,480$

Earnings per share $ $6\mathrm{.}24$

Required:

Prepare a corrected income statement, including earnings per share information. $($Negative answers should be indicated by a minus sign in the other revenues and expenses section and the discontinued operations section. Round the "Earnings per Share" answers to $2$ decimal places.$)$

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