Prepare, in good form, a comparative income statement, beginning with income from operations, for Swiftx Corporation for the fiscal years ended May 31, 2017, and May 31, 2018. This statement will be included in Swifty's annual report and should display the appropriate earnings per share presentations. (Round earnings per share to 2 decimal places, e.g. $1.55.) Problem 16-6 Switty Corporation is preparing the comparative financial statements for the annual report to itsf shareholders for fiscal years ended May 31, 2017, and May 31, 2018. The income fronm operations for the fiscal year ended May 31, 2017, was $1,858,000 and income from continuing operations for the fiscal year ended May 31, 2018, was $2,575,000. In both years, the company incurred a 11% interest expense on $2,281,000 of debt, an obligation that requires interest-only payments for 5 years. The company experienced a loss from discontinued operations of $605,000 on February 2018. The company uses a 40% effective tax rate for income taxes. SWIFTY CORPORATION For Fiscal Years Ended May 31, 2017 and 2018 The capital structure of Swifty, Corporation on June 1, 2016, consisted of 1,000,000 shares of common stock outstanding and 20,500 shares of $50 par value, 6%, cumulative preferred stock. There were no preferred dividends in arrears, and the company had not issued any convertible securities, options, or warrants. On October 1, 2016, Svifty sold an additional 484,000 shares of the common stock at $20 per share. Swifty, distributed a 20% stock dividend on the common shares outstanding on January 1, 2017. On December 1, 2017, Swifty was able to sell an additional 801,000 shares of the common stock at $22 per share. These were the only common stock transactions that occurred during the two fiscal years. Identify whether the capital structure at Swifty Corporation is a simple or complex capital structure Earnings per share: Determine the weighted-average number of shares that SwitCorporation would use in calculating earnings per share for the fiscal year ended: Weighted-average number of shares (1) May 31, 2017 (2) May 31, 2018 Click if you would like to Show Work for this question:Open Show Work