The information below was taken from the ledger and other records of Make a Statement Inc. at September 30, 2017:

General expenses ................................................................................................... $ 220,000

Loss on sale of discontinued segment ................................................................ 18,000

Cost of goods sold ................................................................................................. 570,000

Income tax expense (saving)

Continuing operations...................................................................................... 44,000

Discontinued segment:

Operating income .......................................................................................... 2,000

Loss on sale ..................................................................................................... (6,000)

Interest expense ................................................................................................... 27,000

Gain on settlement of lawsuit.............................................................................. 27,000

Sales returns .......................................................................................................... 23,000

Contributed surplus from repurchase of preferred shares ............................. 18,000

Sales discounts ...................................................................................................... 7,000

Sales revenue ......................................................................................................... 1,000,000

Operating income, discontinued segment ......................................................... 8,000

Loss on sale of property, plant, and equipment ............................................... 5,000

Dividends on preferred shares ........................................................................... 12,500

Preferred shares, $0.50, cumulative, 50,000 shares authorized,

25,000 shares issued and outstanding ............................................................ 350,000

Dividends on common shares ............................................................................ 25,000

Retained earnings, October 1, 2016 ..................................................................... 197,000

Selling expenses ...................................................................................................... 33,000

Common shares, unlimited shares authorized, 40,000 shares

issued and outstanding ................................................................................... 433,000

Required

Prepare a single-step income statement, including earnings per share, for Make a Statement Inc. for the fiscal year ended September 30, 2017. Evaluate income for the year ended September 30, 2017, in terms of the outlook for 2018. Assume 2017 was a typical year and that Make a Statement's managers hoped to earn income from continuing operations equal to 12 percent of net sales.