BIB Corporation's capital structure consists of 250,000 shares of common stock. At December 31, 2011, an analysis of the accounts and discussions with company officials revealed the following information:

Accounts payable .........................................................$300,000

Accrued salary payable ......................................................5,000

Accumulated depreciation .............................................900,000

Allowance for doubtful accounts .....................................25,000

Bonds payable (maturity July 1, 2012) .......................2,261,000

Cash ...............................................................................300,000

Common stock ............................................................1,000,000

Copyright .......................................................................500,000

Dividend revenue ............................................................40,000

Dividends declared .......................................................145,000

Earthquake loss (net of tax) (extraordinary item)..........210,000

General and administrative expenses ............................750,000

Interest expense............................................................... 50,000

Land ............................................................................1,850,000

Loss on disposal of assets................................................. 35,000

Materials and supplies ................................................... 200,000

Merchandise Inventory, December 31, 2011...................625,000

Merchandise Inventory, January 1, 2011 ...................... 760,000

Notes receivable ............................................................ 450,000

Plant and equipment ................................................... 2,250,000

Purchase discounts ...........................................................90,000

Purchases .....................................................................3,210,000

Retained earnings, January 1, 2011 ............................ 1,450,000

Revenue ........................................................................5,500,000

Selling expenses ..............................................................640,000

Unearned service revenue .................................................22,000

The amount of income taxes applicable to ordinary income was $243,000, excluding the tax effect of the earthquake loss, which amounted to $90,000.

Prepare a Multiple-Step Income Statement, including Earnings per Share