The income statement for Weatherford International Inc.'s year ended December 31, 2020, 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 119,000 common shares issued and outstanding throughout the year, as well as 23,800 shares of $1.20 cumulative preferred shares issued and outstanding. Retained earnings at December 31, 2019, were $338,300. Weatherford International Inc. Income Statement December 31, 2020 Revenues: Sales Gain on sale of equipment Interest income Gain on sale of plant Operating profit on discontinued operation Expenses: Cost of goods sold Selling and administrative expenses Sales discounts Loss on sale of discontinued operation Dividends Profit Earnings per share $1,199,500 16,300 7,109 143,500 29,990 $1,396, 390 $ 367,000 189,500 12,710 37,900 139,000 746,110 $ 650,280 $ 5.46 WEATHERFORD INTERNATIONAL INC. Income Statement For Year Ended December 31, 2020 Other revenues and expenses: Discontinued operations: Earnings per share of common shares outstanding Profit from continuing operations Loss from discontinued operations Profit