The income statement for Weatherford International Inc.$$s year ended December $31,2023,$ was prepared by an inexperienced bookkeeper. As the new accountant, your immediate priority is to correct the statement. All amounts included in the statement are before tax $($assume a rate of $20\%).$ The company had $116,000$ common shares issued and outstanding throughout the year, as well as $23,200$ shares of $$1\mathrm{.}20$ cumulative preferred shares issued and outstanding. Retained earnings at December $31,2022,$ were $$336,800.$