Last year the P. M. Postem Corporation had sales of $405,000, with a cost of goods sold of $112,000. The firm's operating expenses were $129,000, and its increase in retained earnings was $68,680. There are currently 24,000 shares of common stock outstanding, the firm pays a $1.58 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. _______

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 $