Prepare in good form an income statement for ATM Cards, Inc. Take your calculations all the way to computing earnings per share.

Sales ....................................................................................................$800,000

Shares outstanding .................................................................................... 100,000

Cost of goods sold .............................................................................. 300,000

Interest expense ......................................................................................... 20,000

Selling and administrative expense ............................................................ 40,000

Depreciation expense ................................................................................. 30,000

Preferred stock dividends .......................................................................... 80,000

Taxes .......................................................................................................... 110,000