The accountant of Latifa Shoe Co. has compiled the following information from the companys records as a basis for an income statement for the year ended December 31, 2014.

Rent revenue..31,460 Interest Expense 20,460 Market appreciation on land above cost 33,460 Salaries and wages expense (selling) 117,260 Supplies expense (selling) 20,060 income tax 39,860 Salaries and wages expense (administrative) 138,360 Other administrative expenses 54,160 Cost of goods sold 498,460 Net sales 982,460 Depreciation on plant assets (70% selling, 30% administrative) 67,460 Cash dividends declared 18,460 There were 20,000 shares of common stock outstanding during the year. Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.)