The income statement for weatherford international year ended December 31,2020 was prepared by an inexperinced bookkeeper. As the new accountant, your immediate priority is to correct the statement. All amounts included in the statements are before tax (assume a rate of 30%) the company had 103,000 common shares issued and oustanding throughout the year, as well as 20,600 shares of 1.20 cumulative preferred shares issued and oustanding. retained earnings at Decemver 31,2019 were 330,300

Prelare a corrected income statement, including earnings per share information

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 $1,159,500 14,700 6,789 141,900 29,190 $1,352,870 $ 351,000 181,500 11,919 36,300 123,000 703, 710 $548, 360 $ .6.29 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