The following information was taken from the records of Sheffield Inc. for the year 2025: Income tax applicable to income from continuing operations $209,440, income tax applicable to loss on discontinued operations $28,560, and unrealized holding gain on available-for-sale debt securities (net of tax) $16,800. Gain on sale of equipment $106,400 Cash dividends declared $168,000 Loss on discontinued operations 84,000 Retained earnings January 1, 2025 2,400,000 Administrative expenses 268,800 Cost of goods sold 952,000 Rent revenue 44,800 Selling expenses 336,000 Loss on write-down of inventory 67,200 Sales revenue 2,128,000 Shares outstanding during 2025 were 100,000. Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48. Enter other revenue and gains before other expenses and losses) SHEFFIELD INC. Income Statement For the Year Ended December 31, 2025 Revenues Sales Revenue Rent Revenue Total Revenues Expenses 2128000 44800 Cost of Goods Sold 952000 i Selling Expenses 336000 Administrative Expenses 268800 Total Expenses 2172800 1556800 Total Expenses Income from Continuing Operations ~ Other Revenues and Gains Gain on Sale of Equipment Other Expenses and Losses Income before Income Tax Income Tax Income from Continuing Operations Discontinued Operations 106400 10. 1556800 i 616000 616000 209440 i 406560 84000 Loss on Discontinued Operations 322560 Income Tax Income from Continuing Operations Discontinued Operations 209440 i 406560 Loss on Discontinued Operations 84000 Earnings per Share of Common Stock Income from Continuing Operations Loss on Discontinued Operations Net Income/(Loss) 322560 4.07 0.84 3.23