Presented below is an income statement for Kinder Company for the year ended December 31, 2014.

Kinder Company

Income Statement

For the Year Ended December 31, 2014

Net sales $800,000

Costs and expenses:

Cost of goods sold 560,000

Selling, general, and administrative expenses 70,000

Other, net 30,000

Total costs and expenses 660,000

Income before income taxes 140,000

Income taxes 42,000

Net income $98,000

Additional information:

1. "Selling, general, and administrative expenses" included a usual but infrequent charge of $7,000 due to a loss on the sale of investments.

2. "Other, net" consisted of interest expense, $10,000, and an extraordinary loss of $20,000 before taxes due to earthquake damage. If the extraordinary loss had not occurred, income taxes for 2014 would have been $48,000 instead of $42,000.

4. Kinder had 20,000 shares of common stock outstanding during 2014.

Instructions

Using the single-step format, prepare a corrected income statement, including the appropriate per share disclosures. Do not use the multiple step method.