Question: Prepare in good form an income statement for Franklin Kite Co. Inc. Take your calculations all the way to computing earnings per share. Sales $900,000

Prepare in good form an income statement for Franklin Kite Co. Inc. Take your calculations all the way to computing earnings per share.
Sales $900,000
Shares outstanding 50,000
Cost of goods sold 400,000
Interest expense 40,000
Selling and administrative expense 60,000
Depreciation expense 20,000
Preferred stock dividends 80,000
Taxes 50,000

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