Jackson Hallstead, accountant for Confection Pies, was injured in an auto accident. While he was recuperating, another inexperienced employee prepared the following income statement for the fiscal year ended June 30, 2012:

The individual amounts listed on the income statement are correct. However, some accounts are reported incorrectly, and some accounts do not belong on the income statement at all. Also, income tax (30%) has not been applied to all appropriate figures. Confection Pies issued 28,000 shares of common stock back in 2004 and held 8,000 shares as treasury stock all during the fiscal year 2012.

Requirement
1. Prepare a corrected Statement of Comprehensive Income for Confection Pies for the fiscal year ended June 30, 2012. Include net income, which lists all revenues together and all expenses together, as well as other comprehensive income, net of tax. After calculating comprehensive income, prepare the earnings-per-share section of thestatement.

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Confection Pies, Inc. Income Statement June 30, 2012 Revenue and gains: Sales S904,000 15,000 919,000 Paid-in capital in excess of par-common Total revenues and gains Expenses and losses: Cost of goods sold Selling expenses General expenses Sales returns Unrealized loss on available-for-sale investments Dividends paid Sales discounts Income tax expense $383,000 103,000 90,000 21,000 14,000 16,000 12,000 33,000 Total expenses and losses 672,000 247,000 Income from operations Other gains and losses Extraordinary gain Loss on discontinued operations 44,000 (28,000) Total other gains (losses) 16,000 $263,000 13.15 Net income Earnings per share