The income statement for Weatherford International Inc.’s year ended December 31, 2023, 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, 2022, were $328,800.

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

Transcribed Image Text:

Weatherford International Inc. Income StatementDecember 31, 2023 Revenues: Sales............. Gain on sale of equipment... Interest income......... Gain on sale of plant.. Operating profit on discontinued operation............. Expenses: Cost of goods sold........ Selling and administrative expenses.. Sales discounts................. Loss on sale of discontinued operation... Dividends........ Profit.......... Earnings per share... $1,152,000 14,400 6,720 141,600 29,040 $1,343,760 $ 348,000 180,000 11,760 36,000 120,000 695,760 $ 648,000 $ 6.48