ALT-CORPORATION INCOME STATEMENT Wharf Corporation began by issuing 100,000 shares of common stock at a par value of $10 per share. The Sales this year amounted to $240,000 and Cost of Goods Sold was $168,000. Operating expenses were $22,000. Wharf made a Gain on Disposal in the amount of $5,000. The federal income tax rate is 25%. Using the captions below, create an income statement for this situation. SALES COST OF GOODS SOLD GROSS PROFIT OPERATING EXPENSES INCOME FROM OPERATIONS GAIN ON DISPOSAL INCOME BEFORE INCOME TAXES INCOME TAX NET INCOME EARNINGS PER SHARE (EPS)