General Electric (GE) provided the following financial information for the fiscal year ending December 31, 2023:

Item	Amount ($)
Net Sales	85,000,000
Cost of Sales	55,000,000
Operating Expenses	15,000,000
Depreciation Expense	4,000,000
Interest Expense	2,500,000
Income Tax Expense	5,500,000
Dividends Paid	6,000,000
Beginning Retained Earnings	20,000,000

Requirements:

1. Draft an income statement.
2. Calculate the operating profit.
3. Prepare a statement of retained earnings.
4. Determine the earnings per share assuming 300,000 shares.
5. Assess the impact of a 15% increase in net sales on net income.