Pfizer Inc. provided the following financial data as of December 31, 2023:

Item	Amount ($)
Sales	250,000,000
Cost of Sales	150,000,000
Research and Development	50,000,000
Administrative Expenses	30,000,000
Interest Expense	6,000,000
Tax Expense	12,000,000
Dividends Paid	15,000,000
Beginning Retained Earnings	25,000,000

Requirements:

1. Prepare an Income Statement.
2. Calculate the Operating Income.
3. Draft a Statement of Retained Earnings.
4. Determine the Earnings per Share with 150,000 shares outstanding.
5. Assess the effect of a 5% increase in research and development expenses on net income.