Financial Data from General Electric:

For the year ended December 31, 2023:

Sales revenue: $16,000,000

Cost of goods sold: $12,000,000

Selling expenses: $3,000,000

Administrative expenses: $2,000,000

Interest expense: $500,000

Dividend revenue: $130,000

Income tax expense: $1,800,000

Preferred stock dividends: $110,000

Preferred stock: $1,500,000

Common stock: $7,000,000

Retained earnings, Jan 1, 2023: $3,500,000

Instructions:

Prepare a multi-step income statement. (b) Calculate the earnings per share. (c) Prepare a retained earnings statement. (d) Prepare a balance sheet as of December 31, 2023. (e) Calculate the current ratio.