Richard Wright, accountant for Sweetie Pie Foods, Inc., was injured in an auto accident. Another employee prepared the following income statement for the fiscal year ended June 30, 20X7:

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. Sweetie Pie Foods issued 44,000 shares of common stock back in 20X1 and held 4,000 shares as treasury stock all during the fiscal year 20X7.
Required
Prepare a corrected statement of income (single-step, which lists all revenues together and all expenses together), including comprehensive income, for fiscal year 20X7. Include earnings per share.

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Sweetie Pie Foods, Inc. Income Statement June 30,20x7 Revenue and gains: Sales Paid-in ca pital in excess of par-common Total revenues and gains $733,000 100,000 833,000 Expenses and losses: Cost of goods sold Selling expenses $383,000 103,000 74,000 Sa les returns Dividends paid Sa les discounts Income tax expense 4,000 15,000 10,000 56,400 Total expenses and losses 667,400 165,600 Income from operations Other gains and losses: Extraordinary gain Loss on discontinued operations 30,000 (15,000) Total other gains (losses) 15,000 $180,600 Net Earnings per share $4.5