The income statement for Weatherford International Inc.$$s year ended December $31,2023,$ was prepared by an inexperienced bookkeeper. As the new accountant, your immediate priority is to correct the statement. All amounts included in the statement are before tax $($assume a rate of $40\%).$ The company had $117,000$ common shares issued and outstanding throughout the year, as well as $23,400$ shares of $$1\mathrm{.}20$ cumulative preferred shares issued and outstanding. Retained earnings at December $31,2022,$ were $$337,300.$

Weatherford International Inc.

Income Statement

December $31,2023$

Revenues:

Sales $ $1,194,500$

Gain on sale of equipment $16,100$

Interest income $7,060$

Gain on sale of plant $143,300$

Operating profit on discontinued operation $29,890$ $ $1,390,850$

Expenses:

Cost of goods sold $ $365,000$

Selling and administrative expenses $188,500$

Sales discounts $12,610$

Loss on sale of discontinued operation $37,700$

Dividends $137,000740,810$

Profit $ $650,040$

Earnings per share $ $5\mathrm{.}56$

Required:

Prepare a corrected income statement, including earnings per share information. $($Negative answers should be indicated by a minus sign in the other revenues and expenses section and the discontinued operations section. Round the "Earnings per Share" answers to $2$ decimal places.$)$