Walmart Inc. has provided the following information for the year ending December 31, 2023:

Item	Amount ($)
Net Sales	50,000,000
Cost of Sales	35,000,000
Administrative Expenses	8,000,000
Depreciation Expense	2,000,000
Interest Expense	1,000,000
Income Tax Expense	2,500,000
Dividends Paid	3,000,000
Beginning Retained Earnings	10,000,000

Requirements:

1. Prepare an income statement.
2. Calculate the gross profit margin.
3. Draft a statement of retained earnings.
4. Determine the earnings per share if there are 100,000 shares outstanding.
5. Analyze the effect of a 15% increase in net sales on the net income.