Last year the P. M. Postem Corporation had sales of $434,000, with a cost of goods sold of $110,000. The firm's operating expenses were $126,000, and its increase in retained earnings was $92,820. There are currently 23,000 shares of common stock outstanding, the firm pays a $1.56 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	$