Jim Heller, accountant for Perfect Pie Foods, was injured in an auto accident. Another employee prepared the following income statement for the fiscal year ended June 30, 2010:

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 (40%) has not been applied to all appropriate figures. Perfect Pie Foods issued 24,000 shares of common stock back in 2004 and held 4,000 shares as treasury stock all during the fiscal year 2010.

Requirement
1. Prepare a corrected statement of income (single-step, which lists all revenues together and all expenses together), including comprehensive income, for fiscal year 2010. Include earnings pershare.

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Perfect Pie Foods, Inc. Income Statement June 30, 2010 Revenue and gains: $896,000 15,000 911,000 Paid-in capital in excess of par-common Total revenues and gains Expenses and losses: Cost of goods sold Selling ex Sales returns Unrealized loss on available-for-sale investments... Dividends paid Sales discounts Income tax expense $387,000 101,000 93,000 23,000 13,000 16,000 12,000 35,000 Total expenses and losses. 680,000 231,000 Income from operations Other gains and losses: Income from discontinued operations 27,000 (15,000) $216,000 $ 10.80 Total other gains (losses) Net i Earnings per share