The following information was taken from the records of Apple Inc. for the year ended December 31, 2023:

Sales revenue: $2,500,000

Cost of goods sold: $1,000,000

Selling expenses: $150,000

Administrative expenses: $250,000

Interest expense: $50,000

Dividend revenue: $40,000

Preferred stock dividends declared: $10,000

Income tax expense: $300,000

Preferred stock: $500,000

Common stock: $1,000,000

Retained earnings, January 1, 2023: $200,000

Instructions:

Prepare a single-step income statement. (b) Calculate the earnings per share. (c) Prepare a statement of retained earnings. (d) Determine the ending balance in retained earnings.