Financial records for Elm Industries for the fiscal year ending June 30, 2023, show the following data:

• Accounts receivable: $145,000
• Retained earnings, July 1, 2022: $460,000
• Gain on operation of discontinued operations (before tax): $120,000
• Sales revenue: $1,900,000
• Cost of goods sold: $1,000,000
• Selling expenses: $210,000
• Cash: $100,000
• Common shares (120,000 common shares outstanding): $430,000
• Dividend revenue: $32,000
• Inventory: $160,000
• Unearned revenue: $12,000
• Land: $520,000
• Interest expense: $34,000
• Administrative expenses: $230,000
• Notes payable (maturity 2029): $270,000
• Accounts payable: $115,000
• Loss on disposal of discontinued operations (before tax): $110,000
• Depreciation expense: $85,000
• Loss on sale of equipment (before tax): $25,000

Elm Industries is subject to a 28% income tax rate.

Requirements:

1. Prepare a multiple-step income statement for Elm Industries for the fiscal year ending June 30, 2023.
2. Compute the earnings per share if needed.
3. Calculate the net profit margin.
4. Determine the net income.