Indigo 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 $1,835,000 and income from continuing operations for the fiscal year ended May 31, 2021, was $2,619,000. In both years, the company incurred a 9% 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 $606,000 on February 2021. The company uses a 20% effective tax rate for income taxes. The capital structure of Indigo Corporation on June 1, 2019, consisted of 975,000 shares of common stock outstanding and 19,800 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, Indigo sold an additional 506,000 shares of the common stock at $20 per share. Indigo distributed a 20% stock dividend on the common shares outstanding on January 1, 2020. On December 1, 2020, Indigo was able to sell an additional 796,000 shares of the common stock at $22 per share. These were the only common stock transactions that occurred during the two fiscal years. (a) Identify whether the capital structure at Indigo Corporation is a simple or complex capital structure. e Textbook and Media Save for Later Attempts: 0 of 5 used Submit Answer (b). Determine the weighted average number of shares that Indigo Corporation would use in calculating earnings per share for the fiscal year ended: Weighted average number of shares (1) May 31, 2020 (2) May 31, 2021 e Textbook and Media Save for Later Attempts: 0 of 5 used Submit Answer Prepare, in good form, a comparative income statement, beginning with income from operations, for Indigo Corporation for the fiscal years ended May 31, 2020, and May 31, 2021. This statement will be included in Indigo's annual report and should display the appropriate earnings per share presentations. (Round earnings per share to 2 decimal places, e.g. $1.55.) INDIGO CORPORATION Comparative Income Statement For Fiscal Years Ended May 31, 2020 and 2021 2020 2021 >