For the period ending June 30, 2023, Johnson & Johnson reported the following:

Item	Amount ($)
Total Income	75,000,000
Cost of Goods Sold	50,000,000
Operating Expenses	13,000,000
Depreciation Expense	2,800,000
Interest Expense	2,200,000
Income Tax Expense	4,500,000
Dividends Paid	5,000,000
Beginning Retained Earnings	18,000,000

Requirements:

1. Prepare an income statement.
2. Determine the gross profit.
3. Draft a statement of retained earnings.
4. Calculate the earnings per share with 250,000 shares.
5. Evaluate the impact of a 10% decrease in operating expenses on net income.