Data for the Year Ended December 31, 2023:

Sales revenue: $14,000,000

Cost of goods sold: $10,000,000

Selling expenses: $2,500,000

Administrative expenses: $1,800,000

Interest expense: $400,000

Dividend revenue: $110,000

Income tax expense: $1,500,000

Preferred stock dividends: $90,000

Preferred stock: $1,000,000

Common stock: $5,500,000

Retained earnings, Jan 1, 2023: $2,500,000

Instructions:

Prepare a single-step income statement. (b) Calculate the earnings per share. (c) Prepare a retained earnings statement. (d) Compute the debt to equity ratio. (e) Determine the return on assets.