Last year the P. M. Postem Corporation had sales of $416,000, with a cost of goods sold of $113,000. The firm's operating expenses were $130,000, and its increase in retained earnings was $80,050. There are currently 20,000 shares of common stock outstanding, the firm pays a $1.62 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. Question content area bottom 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 $