11 22 15 Shown below is an income statement for 2011 that was prepared by a poorly trained bookkeeper of Howell Corporation Howell Corporation INCOME STATEMENT December 31, 2011 Sales revenue $945,000 Investment revenue 19,500 Cost of merchandise sold (408,500) Selling expenses (145,000) Administrative expense (215,000) Interest expense (13000) Income before special item 183,000 Special item Loss on disposal of a component of the business (30,000) Net income tax liability (45.900) Net income $107 100 Net income tax liability (45.900 Net income $107.100 Instructions Prepare a multiple-step income statement for 2011 for Howell Corporation that is presented in accordance with IFRS (including format and terminology). Howell Corporation has 50,000 ordinary shares outstanding and has a 30% income tax rate on all tax related items. Round all earnings per share figures to the nearest cent. T