Information related to James Co. for the year ended December 31, 2021, follows.

Cost of Goods Sold	$ 70,000
Dividends Declared	5,000
Flood Loss (pre-tax)	12,000
General Expense	8,000
Other Income	9,000
Other Expense	11,000
Retained Earnings, January 1, 2010	116,000
Sales	131,000
Selling Expense	7,000

(Required)

a. Prepare in good form a multiple-step income statement for the year 2021. Assume a 21% tax rate.

b. Compute Basic Earnings Per Share for the year 2021. Assume a that 5,000 shares of common stock were outstanding during the year.