The following information was taken from the records of Ahern Cosmetics, Inc., at December 31, 2010:

Requirements
1. Prepare Ahern Cosmetics single-step income statement, which lists all revenues together and all expenses together, for the fiscal year ended December 31, 2010. Include earnings per share data.
2. Evaluate income for the year ended December 31, 2010. Ahern€™s top managers hoped to earn income from continuing operations equal to 14% ofsales.

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n common stock.$23,000 .25,000 9,000 15,000 Prior-period adjustment- debit to Retained Earnings 3,000 I 24,450 7,190 Interest expense Gain on lawsuit settlement... Dividend revenue Treasury stock, common Income tax expense (saving): Continuing operations2 Income from discontinued (4,000 shares at cot.12,000 80,000 Loss on sale of plant asse.13,000 Sales revenue.60,000 oss General expenses Sales revenue....) 560.0 Income from discontinued Retained earnings, beginning, operations18,000 as originally reported.... 193,000 Preferred stock, 10%, $15 par, 500 shares issued 7,500 Extraordinary loss32,000 314,000 Common stock, no par, 27,000 shares authorized and issued.380 Cost of goods sold..