Chec The year-end balance sheet of Columbus Products, Inc., includes the following stockholders' equity section (with certain details omitted). Stockholders' equity: Capital stock: 7% cumulative preferred stock, $100 par value Common stock, $5 par value, 5,000,000 shares authorized, 3,8 issued and out standing Additional paid - in capital: Common stock For the year ended December 31, Southern Supply had net sales of $7,810,000, costs and other expenses (including income tax) of $6,070,000, and a gain from discontinued operations (net of income tax) of $420,000. a. Prepare a condensed income statement (including earnings per share), assuming that 910,000 shares of common stock were outstanding throughout the year. b. Which earnings per share figure would you recommend be used to compute the price-earnings ratio for Southern Supply? For the year ended December 31, Southern Supply had net sales of $7,810,000, costs and other expenses (including income tax) of $6,070,000, and a gain from discontinued operations (net of income tax) of $420,000. a. Prepare a condensed income statement (including earnings per share), assuming that 910,000 shares of common stock were outstanding throughout the year. b. Which earnings per share figure would you recommend be used to compute the price-earnings ratio for Southern Supply