TE Disabled Links to external workbooks are not supported and have been disabled B D E G H M ALT-CORPORATION INCOME STATEMENT Wharf Corporation began by issuing 40,000 shares of common stock at a par value of $10 per share. The Sales this year amounted to $320,000 and Cost of Goods Sold was $112,000. Operating expenses were $80,000 Wharf made a Gain on Disposal in the amount of $4,000. The federal income tax rate is 25%. Using the captions below, create an income statement for this situation. SALES $320,000 COST OF GOODS SOLD 112,000 GROSS PROFIT 208,000 OPERATING EXPENSES 80,000 INCOME FROM OPERATIONS 128,000 GAIN ON DISPOSAL 4,000 INCOME BEFORE INCOME TAXES 132,000 INCOME TAX 33,000 NET INCOME $99,000 EARNINGS PER SHARE (EPS) $2.4700 Compute EPS to 3 dieits