The income statement for Weatherford International Inc.?s year ended December 31, 2020, was prepared by an inexperienced bookkeeper. As the new accountant, your immediate priority is to correct the statement. All amounts included in the statement are before tax (assume a rate of 30%). The company had 100,000 common shares issued and outstanding throughout the year, as well as 20,000 shares of $1.20 cumulative preferred shares issued and outstanding. Retained earnings at December 31, 2019, were $328,800.

Required

Prepare a corrected income statement, including earnings per share information. Round earnings per share calculations to the nearest whole cent.

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Weatherford International Inc. Income Statement December 31, 2020 Revenues: $1,152,000 Sales. Gain on sale of equipment. 14,400 6,720 Interest income. Gain on sale of plat.. 141,600 29,040 $1,343,760 Operating profit on discontinued operation Expenses: Cost of goods sold . Selling and administrative expenses. $ 348,000 180,000 Sales discounts. 11,760 Loss on sale of discontinued operation. 36,000 Dividends. 120,000 695,760 $ 648,000 Profit. Earnings per share. 6.48