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

Sales	$	1,360,000
Shares outstanding		104,000
Cost of goods sold		700,000
Interest expense		34,000
Selling and administrative expense		49,000
Depreciation expense		23,000
Preferred stock dividends		86,000
Taxes		100,000