Prepare the multiple step income statement

INFORMATION AND INSTRUCTIONS:

The following trial balance of the Petro Corp. at December $31$ has been adjusted, except that income tax expense has not

yet been allocated. Tax rate on all items is $25\%.$

On October $31,$ Petro sold its Plastics Division for $$2,950,000$ when the carrying amount was $$2,800,000($hence the

$$150,000$ gain listed above on the trial balance$).$ This sale is considered a disposal of a component of a business.

The company has $215,000$ weighted average shares of common stock outstanding $($ $$10$ par value$).$

REQUIRED: Prepare a multiple$-$step income statement for Petro, complete with earnings per share calculation$($s$).$