Problem 3 Miami Medical Equipment Company produces a popular medical device which sells for $140. Last year the company sold 1,210,000 devices, each of which costs $60 to produce. The company incurred selling and administrative expenses of $32,800,000 and depreciation expense of $1,840,000. In addition, the company has a $10,000,000 loan outstanding at 6.2%. Their tax rate is 30%. There are 3,000,000 common shares outstanding (the company does not have preferred stockholders). Prepare an income statement for the Winter Park Electronic Company in good form (include EPS). See pages 26 - 28