Prepare a multi-step income statement for Clarkson Motorsports for the fiscal year ended November 30, 2012. Include earnings per share.

Selling expenses $125,000

Common stock, $10 par, 21,000 shares authorized and issued $210,000

General expenses 134,000

Income from discontinued operations 5,000

Preferred stock, $4, no-par 6,000 shares issued 240,000

Retained earnings, beginning 90,000

Cost of goods sold 430,000

Income tax expense: Continuing operations 70,000

Treasury stock, common (1,000 shares) 11,000

Income from discontinued operations 2,000

Net sales revenue 834,000

Prepare a multi-step income statement for

ClarksonClarkson

Motorsports for the fiscal year ended November 30, 2012. Include earnings per share. (Round earnings per share amounts to the nearest cent.)

Clarkson Motorports, Inc.
Income Statement
Year Ended November 30, 2012
				$
	Net income