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Perry Corporation is a local grocery store organized seven years ago as a corporation. At that time, a total of $29,000$ shares of common stock were issued to the three organizers. The store is in an excellent location and sales have increased each year. At the end of the current year, the bookkeeper prepared the following statement $($assume that all amounts are correct; note the incorrect terminology and format$)$:

PERRY CORPORATION

Profit and Loss

December $31,$ current year

Account Titles Debit Credit

Sales $ $203,000$

Cost of goods sold $ $96,100$

Sales returns and allowances $18,500$

Selling expense $18,900$

Administrative and general expense $19,900$

Bad debt expense $3,900$

Sales discounts $9,900$

Income tax expense $12,800$

Net profit $23,000$

Totals $ $203,000$ $ $203,000$

Required:

$1.$ Beginning with the amount of net sales, prepare an income statement $($showing both gross profit and income from operations$).$

Note: Round "Earnings per share" to $2$ decimal places.