Johnson & Johnson provided the following balances as of December 31, 2023:

Item	Amount ($)
Sales Revenue	500,000,000
Cost of Goods Sold	300,000,000
Operating Expenses	120,000,000
Interest Expense	10,000,000
Income Tax Expense	30,000,000
Dividends Paid	25,000,000
Beginning Retained Earnings	50,000,000

Requirements:

1. Prepare an Income Statement.
2. Calculate the Operating Profit.
3. Draft a Statement of Retained Earnings.
4. Determine the Earnings per Share with 200,000 shares outstanding.
5. Assess the effect of a 10% increase in sales revenue on net income.