Basic Income Statement

The following are selected account balances of Rule Corporation at the end of 2016:

		Debit		Credit
Operating Expenses		$3,000
Sales Revenue				$15,800
Cost of Goods Sold		8,600
Interest Expense		850
Gain on Sale of Land				550

Rule is subject to a 30% income tax rate, and shareholders own 1,000 shares of its capital stock.

Required:

Prepare a 2016 income statement for Rule. Round earnings per share computation to two decimal places.

RULE CORPORATION
Income Statement
For the Year Ended December 31, 2016
		$
		$
		$
Other items:
	$
		$
		$
Earnings per share		$