Shown as follows are data relating to the operations of Beach, Inc., during 2024:

Instructionsa. Prepare a condensed income statement for 2024, including earnings per share figures. Beach, Inc., had 800,000 shares of $1 par value common stock and 100,000 shares of 6 percent, $100 par value preferred stock outstanding throughout the year.b. Prepare a statement of retained earnings for the year ended December 31, 2024. As originally reported, retained earnings at December 31, 2023, amounted to $10,700,000.c. Compute the amount of cash dividend per share of common stock declared by the board of directors for 2024. Assume no dividends in arrears on the preferred stock.d. Assume that 2025 earnings per share is a single figure and amounts to $15. Assume also that there are no changes in outstanding common or preferred stock in 2025. Do you consider the $15 earnings per share figure in 2025 to be a favorable or unfavorable statistic in comparison with 2024 performance? Explain.

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Continuing operations: Net sales .... Costs and expenses (including applicable income taxes). Other data: Operating income during 2024 on segment of the business discontinued near year-end (net of income taxes) Loss on disposal of discontinued segment (net of income tax benefit) .... Adjustment related to oversight in 2023-increase in amortization expense, net of income tax benefit (correction of error) Total cash dividends declared on both common and preferred stock $37,400,000 21,500,000 205,000 510,000 310,000 2,000,000