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

Description	Amount ($)
Sales revenue	2,300,000
Discontinued operations loss (gross)	80,000
Selling expenses	320,000
Cash	150,000
Accounts receivable	110,000
Common stock	200,000
Preferred stock	950,000
Cost of goods sold	220,000
Accumulated depreciation-machinery	50,000
Dividend revenue	5,000
Unearned service revenue	12,000
Interest payable	630,000
Land	120,000
Patents	340,000
Retained earnings, January 1, 2023	300,000
Interest expense	210,000
Administrative expenses	290,000
Preferred Stock dividends declared	8,000
Allowance for doubtful accounts	7,000
Notes payable (maturity 9/1/28)	250,000
Machinery	500,000
Materials inventory	70,000
Accounts payable	75,000

Tesla, Inc.'s effective tax rate on all items is 35% and its capital structure consists of 3,500 shares of preferred stock and 250,000 shares of common stock.

Instructions:

1. Prepare a multiple-step income statement, including the presentation of earnings per share.
2. Prepare a retained earnings statement.
3. Calculate the company's working capital.
4. Determine the current ratio.
5. Analyze the effect of discontinued operations on the net income.