Grouper Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2020, and May 31,2021. The income from operations for the fiscal year ended May 31, 2020, was $1,778,000 and income from operations for the fiscal year ended May 31, 2021, was $2,461,000. In both years, the company incurred a 10\% interest expense on $2,316,000 of debt, an obligation that requires interest-only payments for 5 years. The company experienced a loss from discontinued operations of $583,000 on February 2021 . The company uses a 20% effective tax rate for income taxes. The capital structure of Grouper Corporation on June 1, 2019, consisted of 1,013,000 shares of common stock outstanding and 19,400 shares of $50 par value, 6%, cumulative preferred stock. There were no preferred dividends in arrears, and the company had not issued any convertible securities, options, or warrants. On October 1, 2019, Grouper sold an additional 500,000 shares of the common stock at $20 per share. Grouper distributed a 20% stock dividend on the common shares outstanding on January 1, 2020. On December 1, 2020, Grouper was able to sell an additional 776,000 shares of the common stock at $22 per share. These were the only common stock transactions that occurred during the two fiscal years. Prepare, in good form, a comparative income statement, beginning with income from operations, for Grouper Corporation for the fiscal years ended May 31, 2020, and May 31, 2021. This statement will be included in Grouper's annual report and should display the appropriate earnings per share presentations. (Round earnings per share to 2 decimal places, e.8. \$1.55.)