B24 TOTAL SCORE: 0 /10 ALT-CORPORATION INCOME STATEMENT 3 4 S f There are tive exercises in this shext. Choose which wercise you want: 1 7 Whart Corporation began by issuing 100,000 shares of common stock at a par value of $10 per share. The Sales this year amounted to $86,000 and cost of Goocs sold was $44,000. Operating expenses were $30,000. Wharf macea Gain an Disposal in the amount of $3,000. The federal income tax rate is 25%. Using the captions below, create an income statement for this situation 0 0 0 o 0 SALES - COST OF GOODS SOLD = GROSS PROFIT OPERATING EXPENSES - INCOME FROM OPERATIONS + GAIN ON DISPOSAL - INCOME BEFORE INCOME TAXES - INCOME TAX - NET INCOME = a 0 0 0 0 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 FARNINGS PER SHARF FPS) Nole: FPS-NET INCOME/NUMBER OF SHARES OUTSTANDING FREE SPACE