Problem 16-6 (Part Level Submission) Sarasota Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2017, and May 31, 2018. The income from operations for the fiscal year ended May 31, 2017, was $1,775,000 and income from continuing operations for the fiscal year ended May 31, 2018, was $2,566,000. In both years, the company incurred a 10% interest expense on $2,446,000 of debt, an obligation that requires interest-only payments for 5 years. The company experienced a loss from discontinued operations of $617,000 on February 2018. The company uses a 40% effective tax rate for income taxes. The capital structure of Sarasota Corporation on une 1 2016, consisted of 954,000 shares of common stock outstanding and 20,100 shares of $50 par value, 5% 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, Sarasota sold an additional 490,000 shares of the common stock at S20 per share. Sarasota dsrbied a 20(% stok ividend on h. common shares outstanding n. anuary 2017. On December 1, 2017, Sarasota was able to sell an additional 794,000 shares of the common stock at $22 per share. These were the only common stock transactions that occurred during the two fiscal years. Prepare, in good form, a comparative income statement, beginning with income from operations, for Sarasota Corporation for the fiscal years ended May 31, 2017, and May 31, 2018. This statement will be included in Sarasota's annual report and should display the appropriate earnings per share presentations. (Round earnings per share to 2 decimal places,e.g. $1.SS.) SARASOTA CORPORATION Income Statement For Fiscal Years Ended May 31, 2017 and 2018 2017 2018 Earnings per share