The following information was taken from the records of Clarkson Motorsports, Inc. at November 30, 2014:

Prepare a multi-step income statement for Clarkson Motorsports for the fiscal year ended November 30, 2014. Include earnings pershare.

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Selling Expenses 125,000 Common Stock, $10 Par Value, 21,000 shares authorized and issued Preferred Stock, $4 No-Par Value 6,000 shares issued Income Tax Expense: Continuing Operations Income lax Expense: Income From Discontinued Operations Net Sales Revenue $210,000 240,000 70,000 2,000 Administrative Expenses 134,000 Income From Discontinued Operations Cost of Goods Sold 5,000 430,000 Treasury Stock--Common 1,000 shares) 834,000 11,000