The income statement for weatherford international inc. year ended december 31,2020 was prepared by an inexperienced bookkeeper as the new account your immediate priority to correct the statement all amount included in the statement are before tax assume a rate of 30% the company had 118000 common share issued and outstanding throughout the year as well as 23600 shares of 1.20 dollar cumulative preffered shares issue amd outstanding retained earning at december 31,2019 were 337800