Prepare an income statement using the following data for Procurex Products Corporation for the year ended Decemeber 31, 2018: During the year the company had disposed of their Spinner Division as it had become inoperable

Sales- $1,420,000

Cost of merchandise sold- $600,000

Selling and administrative expense- $320,000

Income tax expense- 40%

Loss on disposal of Spinner Division- $126,000

Income from operations of Spinner Division- $78,000

Common stock outstanding ($2 par)- $200,000

Authorised share capital ($2 par)- $1,000,000

Required: prepare an Income Statement including the EPS section in proper form and good order for Procurex Corporation for the year ended December 31, 2018