Metlock Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May $31,2020,$ and May $31,2021.$ The income from operations for the fiscal year ended May $31,2020,$ was $$1,729,000$ and income from operations for the fiscal year ended May $31,2021,$ was $$2,599,000.$ In both years, the company incurred a $11\%$ interest expense on $$2,366,000$ of debt, an obligation that requires interest$-$only payments for $5$ years. The company experienced a loss from discontinued operations of $$594,000$ on February $2021.$ The company uses a $20\%$ effective tax rate for income taxes.

The capital structure of Metlock Corporation on June $1,2019,$ consisted of $999,000$ shares of common stock outstanding. and $20,800$ shares of $$50$ par value, $6\%,$ cumulative preferred stock. There were no preferred dividends in arrears, and the company had not issued any convertible securities$,$ options, or warrants.

On October $1,2019,$ Metlock sold an additional $512,000$ shares of the common stock at $$20$ per share. Metlock distributed a $20\%$ stock dividend on the common shares outstanding on January $1,2020.$ On December $1,2020,$ Metlock was able to sell an additional $781,000$ shares of the common stock at $$22$ per share. These were the only common stock transactions that occurred during the two fiscal years.

$($c$)$ Prepare, in good form, a comparative income statement, beginning with income from operations, for Metlock Corporation for the fiscal years ended May $31,2020,$ and May $31,2021.$ This statement will be included in Metlock's annual report and should display. the appropriate earnings per share presentations. $($Round earnings per share to $2$ decimal places, e$.$g$.$ $$1\mathrm{.}55).$

Dividends

Ques

Expenses

Extraordinary Loss

Income Before Extraordinary Loss

PI Income Before Taxes

fis

Interest Expense

Income From Continuing Operations

Income From Operations

Income Taxes

Loss From Discontinued Operations

Net Income$/($Loss$)$

Retained Earnings, June $1$

Retained Earnings, May $31$

Revenues

Total Expenses

Total Revenues

Income From Operations

Revenues

Income Before Taxes

Income Taxes

Income From Continuing Operations

Loss From Discontinued Operations

$\frac{33\mathrm{.}33}{50}$

ome statement, beginning with income from operations, for Metlock Corporation for the y $31,2021.$ This statement will be included in Metlock's annual report and should display intations. $($Round earnings per shore to $2$ decimal places, e$.$g$.$ $$1\mathrm{.}55.)$