Ock int ences The income statement for Weatherford International Inc.'s year ended December 31, 2020, was...

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Ock int ences The income statement for Weatherford International Inc.'s year ended December 31, 2020, was prepared by an inexperienced bookkeeper. As the new accountant, your immediate priority is to correct the statement. All amounts included in the statement are before tax (assume a rate of 30%). The company had 108,000 common shares issued and outstanding throughout the year, as well as 21,600 shares of $1.20 cumulative preferred shares issued and outstanding. Retained earnings at December 31, 2019, were $332,800. Weatherford International Inc. Revenues: Sales Gain on sale of equipment Interest income Gain on sale of plant Income Statement December 31, 2020 Operating profit on discontinued operation Expenses: Cost of goods sold, Selling and administrative expenses Sales discounts Loss on sale of discontinued operation Dividends Profit Earnings per share $1,172,000 15,200 6,880 142,400 29,440 $1,365,920 $ 356,000 184,000. 12,160 36,000 129,000 716,960 $ 648,960 6.01 Required: Prepare a corrected income statement, including earnings per share information. (Negative answers should be indicated by a minus sign in the other revenues and expenses section and the discontinued operations section. Round the "Earnings per Share answers to 2 decimal places.) < Prev 6 of 8 Next > Ock int ences The income statement for Weatherford International Inc.'s year ended December 31, 2020, was prepared by an inexperienced bookkeeper. As the new accountant, your immediate priority is to correct the statement. All amounts included in the statement are before tax (assume a rate of 30%). The company had 108,000 common shares issued and outstanding throughout the year, as well as 21,600 shares of $1.20 cumulative preferred shares issued and outstanding. Retained earnings at December 31, 2019, were $332,800. Weatherford International Inc. Revenues: Sales Gain on sale of equipment Interest income Gain on sale of plant Income Statement December 31, 2020 Operating profit on discontinued operation Expenses: Cost of goods sold, Selling and administrative expenses Sales discounts Loss on sale of discontinued operation Dividends Profit Earnings per share $1,172,000 15,200 6,880 142,400 29,440 $1,365,920 $ 356,000 184,000. 12,160 36,000 129,000 716,960 $ 648,960 6.01 Required: Prepare a corrected income statement, including earnings per share information. (Negative answers should be indicated by a minus sign in the other revenues and expenses section and the discontinued operations section. Round the "Earnings per Share answers to 2 decimal places.) < Prev 6 of 8 Next >