Misclassifications

Olson Company's bookkeeper prepared the following income statement and retained earnings statement for the year ended December 31, 2019:

December 31, 2019 Expense and Profits Statement
Sales (net)			$196,000
Less: Selling expenses			(19,600)
Net sales			$176,400
Add: Interest revenue			2,300
Add: Gain on sale of equipment			3,200
Gross sales revenues			$181,900
Less: Costs of operations:
Cost of goods sold	$120,100
Correction of overstatement in last year's income because of error (net of $1,650 income tax credit)	3,850
Dividend costs ($0.50 per share for 8,000 common shares)	4,000
Loss because of earthquake (net of $1,800 income tax credit)	4,200		(132,150)
Taxable revenues			$49,750
Less: Income tax on income from continuing operations			(12,480)
Net income			$37,270
Miscellaneous deductions
Loss from operations of discontinued Division L (net of $900 income tax credit)	$ 2,100
Administrative expenses	16,800		(18,900)
Net revenues			$18,370

Retained Revenues Statement For Year Ended December 31, 2019
Beginning retained earnings	$59,300
Add: Gain on sale of Division L (net of $1,350 income taxes)	3,150
Recalculated retained earnings	$62,450
Add: Net revenues	18,370
	$80,820
Less: Interest expense	(3,400)
Ending retained earnings	$77,420

The preceding account balances are correct but have been incorrectly classified in certain instances. Assume the income tax amounts are correct and linked to the appropriate items.

Required:

Prepare a corrected multiple-step income statement for the year ended December 31, 2019. Round earnings per share computations to two decimal places.

OLSON COMPANY
Income Statement (Multi-Step)
For Year Ended December 31, 2019
		$
		$
Operating expenses
	$
Total operating expenses
		$
Other items
	$
		$
		$
Results from discontinued operations
	$
		$
Components of Income		EPS
		$
		$

Prepare a statement of retained earnings for the year ended December 31, 2019.

OLSON COMPANY
Statement of Retained Earnings
For Year Ended December 31, 2019
	$
	$
	$
	$