The following information is taken from the accounting records of Bluewater Inc., a public company, for the year ended December 31, 2022:

• Accounts receivable: $123,000
• Retained earnings, January 1, 2022: $370,000
• Loss on operation of discontinued operations (before tax): $129,000
• Sales revenue: $1,500,000
• Cost of goods sold: $800,000
• Selling expenses: $160,000
• Cash: $83,000
• Common shares (25,000 common shares outstanding): $250,000
• Dividend revenue: $20,000
• Inventory: $140,000
• Unearned revenue: $4,900
• Land: $580,000
• Interest expense: $25,000
• Administrative expenses: $180,000
• Notes payable (maturity 2027): $210,000
• Accounts payable: $90,000
• Gain on disposal of discontinued operations (before tax): $190,000
• Depreciation expense: $60,000
• Loss on disposal of equipment (before tax): $18,000

Bluewater Inc. is subject to a 30% income tax rate.

Requirements:

1. Prepare a multiple-step income statement in good form for Bluewater Inc. for the year ended December 31, 2022.
2. Compute the earnings per share if needed.
3. Calculate the gross profit margin.
4. Determine the operating income.