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The income statement for Weatherford International Inc.'s year ended December 31, 2020, was prepared by an inexperienced bookkeeper. As the new accountant, your immediate priority is to correct the statement. All amounts included in the statement are before tax (assume a rate of 30%). The company had 113,000 common shares issued and outstanding throughout the year, as well as 22,600 shares of $120 cumulative preferred shares issued and outstanding. Retained earnings at December 31, 2019, were $335,300. Weatherford International Inc. Income Statement December 31, 2020 Revenues : Sales $1,184,500 15, 700 6,980 142,900 29,690 $1,379,770 Gain on sale of equipment Interest income Gain on sale of plant Operating profit on discontinued operation Expenses: Cost of goods sold Selling and administrative expenses Sales discounts Loss on sale of discontinued operation Dividends Profit Earnings per share $361,000 186,500 12,410 37,300 133,000 730, 210 $ 649,560 5.75 Required: Prepare a corrected income statement, including earnings per share information. (Negative answers should be indicated by a minus sign in the other revenues and expenses section and the discontinued operations section. Round the "Earnings per Share" answers to 2 decimal places.) WEATHERFORD INTERNATIONAL INC. Income Statement For Year Ended December 31, 2020 * Answer is complete but not entirely correct. WEATHERFORD INTERNATIONAL INC. Income Statement For Year Ended December 31, 2020 Gain on sale of equipment $ 1,184,500 (361,000) $ 823,500 186,500 Cost of goods sold Gross profit Selling and administrative expenses Operating profit Other revenues and expenses: Gain on sale of equipment Gain on sale of plant $ 637,000 15,700 142.900 6,980 165,580 $ 802,580 (240,774) $ 561,806 Interest income Profit from continuing operations before income tax Income tax expense Profit from continuing operations Discontinued operations: Operating profit from discontinued operation Loss on sale of discontinued operation Profit $ 29,690 (37,300) X (7.610) X $ 554,196 Earnings per share of common shares outstanding $ Profit from continuing operations 561,806.00 Loss from discontinued operations 7,610.00 x Profit 554, 196.00