Administrative expenses

70,000

Cost of goods sold

1,200,000

Dividend revenue

30,000

Income from operations of discontinued component

60,000

Interest expense

45,000

Interest revenue

20,000

Loss due to flooding

75,000

Net sales

1,950,000

Preferred dividends declared and paid

20,000

Common dividends, declared and paid

65,000

Selling expenses

95,000

The federal tax, which has not yet been calculated, is 20% on all items, and there are 50,000 shares of common stock issued and outstanding.

Required

Calculate the following items as they would be reported on a multiple-step income statement for Chatham Company for 2021, including income taxes computed at 20%.

1. Gross profit
2. Operating Income
3. Income from Continuing Operations before Taxes
4. Income Tax Expense
5. Income (Loss) from Discontinued Operations
6. Net Income
7. Earning Per Share (including the intermediate components)