1. Latifa

Latifa Shoe Co. has compiled the following information for financial statement preparation for the year ended December 31, 2024.

Rent revenue	$29,000
Interest expense	18,000
Loss on impairment of property, plant, and equipment	31,000
General and administrative expenses	115,000
Selling expenses	20,000
Income tax expense	53,000
Cost of goods sold	136,000
Net sales	980,000
Preferred dividends declared	65,000
Common dividends declared	16,000
Common stock shares outstanding	20,000 shares

Instructions: Prepare a multiple-step income statement. Round earnings per share to 2 decimal places.