Agassi Corporation is preparing the comparative financial statements to be included in the annual report to stockholders. Agassi employs a fiscal year ending May 31.

Income from operations before income taxes for Agassi was $1,432,000 and $664,600, respectively, for fiscal years ended May 31, 2015 and 2014. Agassi experienced an extraordinary loss of $419,000 because of an earthquake on March 3, 2015. A 40% combined income tax rate pertains to any and all of Agassi Corporations profits, gains, and losses. Agassis capital structure consists of preferred stock and common stock. The company has not issued any convertible securities or warrants and there are no outstanding stock options. Agassi issued 40,300 shares of $100 par value, 6% cumulative preferred stock in 2011. All of this stock is outstanding, and no preferred dividends are in arrears. There were 1,111,200 shares of $1 par common stock outstanding on June 1, 2013. On September 1, 2013, Agassi sold an additional 374,400 shares of the common stock at $16 per share. Agassi distributed a 20% stock dividend on the common shares outstanding on December 1, 2014. These were the only common stock transactions during the past 2 fiscal years.

Starting with income from operations before income taxes, prepare a comparative income statement for the years ended May 31, 2015 and 2014. The statement will be part of Agassi Corporations annual report to stockholders and should include appropriate earnings per share presentation.

AGASSI CORPORATION Comparative Income Statement For the Years Ended May 31, 2015 and 2014 2015 2014 Earnings per share