Windsor Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2020, and May 31, 2021. The income from operations for the fiscal year ended May 31, 2020, was $1,778,000 and income from continuing operations for the fiscal year ended May 31, 2021, was $2,547,000. In both years, the company incurred a 11% interest expense on $2,298,000 of debt, an obligation that requires interest-only payments for 5 years. The company experienced a loss from discontinued operations of $626,000 on February 2021. The company uses a 20% effective tax rate for income taxes. The capital structure of Windsor Corporation on June 1, 2019, consisted of 969,000 shares of common stock outstanding and 20,000 shares of $50 par value, 6%, cumulative preferred stock. There were no preferred dividends in arrears, and the company had not issued any convertible securities, options, or warrants. On October 1, 2019, Windsor sold an additional 490,000 shares of the common stock at $20 per share. Windsor distributed a 20% stock dividend on the common shares outstanding on January 1, 2020. On December 1, 2020, Windsor was able to sell an additional 804,000 shares of the common stock at $22 per share. These were the only common stock transactions that occurred during the two fiscal years. Your answer is correct. Identify whether the capital structure at Windsor Corporation is a simple or complex capital structure. Simple Capital Structure e Textbook and Media X Your answer is incorrect. Determine the weighted average number of shares that Windsor Corporation would use in calculating earnings per share for the fiscal year ended: Weighted average number of shares (1) May 31, 2020 1295667 (2) May 31, 2021 1861000 e Textbook and Media Prepare, in good form, a comparative income statement, beginning with income from operations, for Windsor Corporation for the fiscal years ended May 31, 2020, and May 31, 2021. This statement will be included in Windsor's annual report and should display the appropriate earnings per share presentations. (Round earnings per share to 2 decimal places, e.g. $1.55.) WINDSOR CORPORATION Comparative Income Statement For Fiscal Years Ended May 31, 2020 and 2021 2020 2021 Income From Operations 1778000 2547000 Interest Expense -252780 -252780 Income Before Taxes 1525220 2294220 Income Taxes 305044 333644 Income From Continuing Operations 1220174 1334576 Loss From Discontinued Operations 626000 $ 1220176 1334576 Net Income /(Loss) Earnings per share: Income From Continuing Operations 1160176 $ 1274576 Loss From Discontinued Operations 1295667 1861000 Net Income /(Loss) .90 .68