The following data were taken from the records of Amana Bread Corporation for the year ended October 31, 2008:

{Instructions}
1. Prepare a multiple-step income statement for the year ended October 31, 2008, concluding with earnings per share. In computing earnings per share, assume that the average number of common shares outstanding was 80,000 and preferred dividends were \(\$ 16,000\). Assume that the gain on condemnation of land is an extraordinary item.
2. Prepare a retained earnings statement for the year ended October 31, 2008.
3. Prepare a balance sheet in report form as of October 31, 2008.obj. 5

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Income statement data: Administrative expenses Cost of merchandise sold Gain on condemnation of land Income tax: Applicable to continuing operations Applicable to loss from discontinued business segment Applicable to gain on condemnation of land Interest expense Interest revenue Loss from discontinued operations Loss from fixed asset impairment Restructuring charge Sales Selling expenses Retained earnings and balance sheet data: Accounts payable Accounts receivable $ 80,000 458,000 80,000 36,800 24,000 32,000 5,000 4,000 60,000 35,000 65,000 955,000 224,000 47,800 185,000 Accumulated depreciation 465,000 Accumulated other comprehensive loss 28,000 Allowance for doubtful accounts 5,400 Cash 165,300 Common stock, $1 par (100,000 shares authorized; 82,000 shares issued) Deferred income taxes payable (current portion, $5,400) 82,000 28,300 Dividends: Cash dividends for common stock Cash dividends for preferred stock 35,000 16,000 Stock dividends for common stock Dividends payable Employee termination obligation (current) Equipment Income tax payable Interest receivable Notes receivable Paid-in capital from sale of treasury stock 12,000 12,750 45,000 1,958,000 11,200 2,500 Merchandise inventory (October 31, 2008), at lower of cost (FIFO) or market Paid-in capital in excess of par-common stock 122,000 42,500 16,000 451,000