Using the account information on the following page, prepare a multiple step income statement and statement of retained earnings for Mico, Inc.

-The income statement must properly display earnings per share

MICO, INC.
ACCOUNT BALANCES AT DECEMBER 31, 20X9
Sales revenue	1,578,500
Sales discounts	31,150
Cost of Goods Sold	896,770
Salaries and Wages Expense (sales)	56,260
Sales commissions	97,600
Travel expense (salespersons)	28,930
Delivery expense	21,400
Entertainment expense	14,820
Telephone and internet expense (sales)	9,030
Depreciation expense (sales equipment)	4,980
Maintenance and repairs expense (sales)	6,200
Miscellaneous selling expense	4,715
Office supplies used	3,450
Telephone and internet expense (administration)	2,820
Depreciation expense (office furniture and equipment)	7,250
Property tax expense	7,320
Bad debt expense (selling)	4,850
Maintenance and repairs expense (administration)	9,130
Office expense	6,000
Sales returns and allowances	62,300
Dividends received	38,000
Interest expense	18,000
Income tax expense	102,000
Dividends declared on preferred stock	9,000
Dividends declared on common stock	37,000
Loss on disposition of the wholesale division (pre-tax)	300,000
Loss on operating the wholesale division (pre-tax)	90,000
Retained earnings, January 1, 20x9	337,000
# common shares outstanding	80,000
Tax rate	40%