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 106,000 common shares issued and outstanding throughout the year, as well as 21,200 shares of $1.20 cumulative preferred shares issued and outstanding. Retained earnings at December 31, 2022, were $331,800.

Weatherford International Inc.
Income Statement
December 31, 2023
Revenues:
Sales	$	1,167,000
Gain on sale of equipment		15,000
Interest income		6,840
Gain on sale of plant		142,200
Operating profit on discontinued operation		29,340		$	1,360,380
Expenses:
Cost of goods sold	$	354,000
Selling and administrative expenses		183,000
Sales discounts		12,060
Loss on sale of discontinued operation		36,600
Dividends		126,000			711,660
Profit				$	648,720
Earnings per share				$	6.12

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.)

Terms to use : Cost of goods sold, Dividends, Gain on sale of equipment, Gain on sale of plant, Income tax expense, Interest income, Loss on sale of discontinued operation, Net sales , Operating profit from discontinued operation, Sales discounts, Selling and administrative expenses

Part 2:

Please show formulas!

WEATHERFORD INTERNATIONAL INC. Income Statement For Year Ended December 31, 2023 Net sales Cost of goods sold Gross profit $1,167,000354,000$813,000 Other revenues and expenses: Discontinued operations: Earnings per share of common shares outstanding Profit from continuing operations Loss from discontinued operations Profit