II. Problems You must SHOW YOUR WORK to receive credit 1. The following information is for the Franklin Kite Co. Sales Shares outstanding Cost of goods sold Interest expense Selling and administrative expense Depreciation expense Preferred stock dividends Taxes $ 1,470,000 117,000 700,000 20,000 44,000 36,000 85,000 113,000 Required: Prepare an income statement for Franklin Kite Co. Take your calcul to computing earnings per share. Be sure to show subtotals for Gross Profit, Profit/EBIT. Earnings Before Taxes and finally Earnings After Taxes Ross