The following information was taken from the records of Escobedo Corporation at June 30, 20X5: Preparing a detailed income statement (Obj. 5) Common stock, no-par, 22,000 shares authorized and issued........... $350,000 Preferred stock. 6%. $25 par, Selling expenses General expenses. Income from discontinued operations.. $ 87,000 71,000 1,000 20,000 shares authorized, 4,000 shares issued...... Cumulative effect of change in depreciation method (income). Income tax expense (tax saving): Cost of goods sold. 279,000 100,000 Interest expense.... 23,000 Dividend revenue. 19,000 7,000 Treasury stock, common (2,000 shares). 28,000 Extraordinary loss.. 27,000 Continuing operations....... Gain on discontinued operations.... Extraordinary loss (tax saving). 28,000 Loss on sale of plant assets. 10,000 400 Net sales revenue.... 567.000 (10,800) Retained earnings, beginning... 63,000 Cumulative effect of change in depreciation method. 3.000 Required Prepare a single-step income statement. including earnings per share. for Escobedo Corporation for the fiscal year ended June 30, 20X5. Evaluate income for the year ended June 30, 20X5, in terms of the outlook for 20X6. Note that 20X5 was a typical year, and Escobedo managers hoped to earn income from continuing operations equal to 10% of net sales.