Income Statement, Lower Portion At the beginning of 2019, Cameron Company's retained earnings was $237,200. For 2019, Cameron has calculated its pretax income from continuing operations to be $48,000. During 2019, the following events also occurred: 1. During July, Cameron sold Division M (a component of the company). It has determined that the pretax income from the operations of Division M during 2019 totals $39,400 and that a pretax loss of $40,100 was incurred on the sale of Division M. 2. Cameron had 7,000 shares of common stock outstanding during all of 2019. It declared and paid a $3 per share cash dividend on this stock. Required: Assuming that all the pretax items are subject to a 30% income tax rate: 1. Complete the lower portion of Cameron's 2019 income statement, beginning with "Pretax Income from Continuing Operations." Round earnings per share computations to two decimal places. CAMERON COMPANY Partial Income Statement For Year Ended December 31, 2019 Pretax income from continuing operations Income tax expense Income from continuing operations Results from discontinued operations Income from operations of discontinued Division M (net of income taxes) Loss on sale of Division M (net of income tax credit) Net income Components of Income Income from continuing operations EPS Net income Components of Income Income from continuing operations Results from discontinued operations Net income 2. Prepare an accompanying statement of retained earnings for the year ended December 31, 2019. CAMERON COMPANY Statement of Retained Earnings For Year Ended December 31, 2019 Retained earnings, 1/1/2019 Add: Net income for 2019 Less: Cash dividends Retained earnings, 12/31/2019 EPS