Prepare a muliti-step income statement. Include the earnings per share presentation on the income statement. Round earnings per share to two decimal places.

Instructions From the following data for Norton Company for the year ended December 31: Accounts Amount Common stock, $50 par $200,000 Cost of goods sold 342,000 Administrative expenses 48,250 Income tax expense 142,000 Interest expense 3,750 Loss on discontinued operations 5,400 Sales 865,000 Selling expenses 83,000