The income statement for Weatherford International Inc.s year ended December 31, 2017, 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 30%). The company had 113,000 common shares issued and outstanding throughout the year, as well as 22,600 shares of $1.20 cumulative preferred shares issued and outstanding. Retained earnings at December 31, 2016, were $335,300.

Weatherford International Inc.
Income Statement
December 31, 2017
Revenues:
Sales	$	1,184,500
Gain on sale of equipment		15,700
Interest income		6,980
Gain on sale of plant		142,900
Operating profit on discontinued operation		29,690	$	1,379,770
Expenses:
Cost of goods sold	$	361,000
Selling and administrative expenses		186,500
Sales discounts		12,410
Loss on sale of discontinued operation		37,300
Dividends		133,000		730,210
Profit			$	649,560
Earnings per share			$	5.75

Required: Prepare a corrected income statement, including earnings per share information.