The following information was taken from the records of Clarkson Motorsports, Inc., at November 30, 2012:
Selling expenses	$125,000		Common stock, $10 par, 21,000 shares authorized and issued	$210,000
General expenses	134,000		Preferred stock, $4, no-par 6,000 shares issued	240,000
Income from discontinued operations	5,000		Income tax expense:
Retained earnings, beginning	90,000		Continuing operations	70,000
Cost of goods sold	430,000		Income from discontinued operations	2,000
Treasury stock, common (1,000) shares	11,000
Net sales revenue	834,000
Requirement:
1. Prepare a multi-step income statement for Clarkson Motorsports for the fiscal year ended November 30, 2012. Include earnings per share.