The following information was taken from the records of Clarkson Motorsports, Inc., at November 30, 2012:

Requirement
1. Prepare a multi-step income statement for Clarkson Motorsports for the fiscal year ended November 30, 2012. Include earnings pershare.

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$ 125,000 Common stock, $10 par, 21,000 134,000 5,000 Preferred stock, $4, no-par 90,000 430,000 Income tax expensc: Selling expenses Gencral expenses Income from discontinued operations Retained carnings, beginning Cost of goods sold Treasury stock, common (1,000 shares) Net sales revenue shares authorized and issucd $ 210,000 6,000 shares issued 240,000 Continuing operations Income from discontinued 70,000 11,000 834,000 2,000 operations