Coronado Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2020, and May 31, 2021. The income from operations for the fiscal year ended May 31, 2020, was $1,775,000and income from continuing operations for the fiscal year ended May 31, 2021, was $2,566,000. In both years, the company incurred a10% interest expense on $2,446,000of debt, an obligation that requires interest-only payments for 5 years. The company experienced a loss from discontinued operations of $617,000 on February 2021. The company uses a20% effective tax rate for income taxes.

The capital structure of Coronado Corporation on June 1, 2019, consisted of954,000shares of common stock outstanding and20,100shares of $50par value,5%, cumulative preferred stock. There were no preferred dividends in arrears, and the company had not issued any convertible securities, options, or warrants.

On October 1, 2019, Coronado sold an additional490,000shares of the common stock at $20per share. Coronado distributed a20% stock dividend on the common shares outstanding on January 1, 2020. On December 1, 2020, Coronado was able to sell an additional794,000shares of the common stock at $22per share. These were the only common stock transactions that occurred during the two fiscal years.

A comparative income statement, beginning with income from operations, for Coronado Corporation for the fiscal years ended May 31, 2020, and May 31, 2021. This statement will be included in Coronado's annual report and should display the appropriate earnings per share presentations