Last year the P$.$ M$.$ Postem Corporation had sales of $$424,000,$ with a cost of goods sold of $$112,000.$ The$$ firm's operating expenses were $$127,000,$ and its increase in retained earnings was $$84,170.$ There are currently $22,000$ shares of common stock$$ outstanding, the firm pays a $$1\mathrm{.}64$ dividend per$$ share, and the firm has no$$ interest$-$bearing debt.

a$.$Assuming the$$ firm's earnings are taxed at $35$percent$,$ construct the$$ firm's income statement.

b$.$Compute the$$ firm's operating profit margin.

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Part $1$

a$.$Assuming the$$ firm's earnings are taxed at $35\%,$ construct the$$ firm's income statement.

Complete the income statement$$ below:$($Round to the nearest$$ dollar.$)$

Income Statement

Revenues

$

Cost of Goods Sold

Gross Profit

$

Operating Expenses

Net Operating Income

$

Interest Expense

Earnings before Taxes

$

Income Taxes

Net Income

$