For the fiscal year ending July 31, 2023, Intel Corporation reported the following:

Financial Data	Amount ($)
Total Revenue	70,000,000
Cost of Goods Sold	45,000,000
Operating Expenses	12,000,000
Depreciation Expense	3,000,000
Interest Expense	1,800,000
Income Tax Expense	4,200,000
Dividends Paid	5,000,000
Beginning Retained Earnings	15,000,000

Requirements:

1. Prepare an income statement.
2. Calculate the gross profit margin.
3. Draft a statement of retained earnings.
4. Compute the earnings per share assuming 200,000 shares.
5. Analyze the impact of a 12% decrease in cost of goods sold on net income.