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The income statement for Weatherford International Inc.$$s year ended December $31,2023,$ was prepared by an inexperienced bookkeeper. As the new accountant, your immediate priority is to correct the statement. All amounts included in the statement are before tax $($assume a rate of $20\%).$ The company had $111,000$ common shares issued and outstanding throughout the year, as well as $22,200$ shares of $$1\mathrm{.}20$ cumulative preferred shares issued and outstanding. Retained earnings at December $31,2022,$ were $$334,300.$

Weatherford International Inc.

Income Statement

December $31,2023$

Revenues:

Sales

$

$1,179,500$

Gain on sale of equipment

$15,500$

Interest income

$6,940$

Gain on sale of plant

$142,700$

Operating profit on discontinued operation

$29,590$

$

$1,374,230$

Expenses:

Cost of goods sold

$

$359,000$

Selling and administrative expenses

$185,500$

Sales discounts

$12,310$

Loss on sale of discontinued operation

$37,100$

Dividends

$131,000$

$724,910$

Profit

$

$649,320$

Earnings per share

$

$5\mathrm{.}85$

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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