Prepare an income statement for Franklin Kite Co. Take your calculations all the way to computing earnings per share. (Round EPS answer to 2 decimal places.)

Sales	$	1,400,000
Shares outstanding		185,000
Cost of goods sold		550,000
Interest expense		22,000
Selling and administrative expense		45,000
Depreciation expense		34,000
Preferred stock dividends		89,000
Taxes		113,000