Peter Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2014 an analysis of the accounts and discussions with company officials revealed the following information:

The amount of income taxes applicable to ordinary income was $57,600, excluding the tax effect of the earthquake loss which amounted to $24,000. Be sure to compute EPS where appropriate.

Prepare a multi step income statement

Sales revenue	1,200,000
earthquake loss (extraordinary item)	56,000
selling expense	128,000
cash	60,000
accounts receivable	90,000
common stock	200,000
cost of goods sold	701,000
accumulated depreciation - machinery	180,000
dividend revenue	8,000
unearned service revenue	4,400
interest payable	1,000
land	370,000
patents	100,000
retained earnings Jan 1 2014	290,000
interest expense	17,000
administrative expense	170,000
dividends declared	24,000
allowance for doubtful accounts	5,000
notes payable (maturity date July 1 2017)	200,000
machinery	450,000
materials	40,000
accounts payable	60,000