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 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, 2019, were $331,800. Weatherford International Inc. Income Statement December 31, 2020 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 . 1. Prepare a corrected income statement, including earnings per share information. Earnings per share of common shares outstanding Profit from continuing operations Loss from discontinued operations Profit 2.