After all the transactions for the year ended May 31, 2016, had been posted the following data were taken from the records of Desmond Shipping Ltd. Assume all accounts have normal balances.

Instructions
a. Prepare a multiple-step income statement for the year ended May 31, 2016, including earnings per share. The weighted average number of common shares is 1,007,813.
b. Prepare a balance sheet as at May 31, 2016.