Rhonda Sparks, accountant for Canon Pet Supplies, was injured in a skiing accident. Another employee prepared the accompanying income statement for the year ended December 31, 20X1.
The individual amounts listed on the income statement are correct. However, some accounts are reported incorrectly, and 1 account does not belong on the income statement at all. Also, income tax (40%) has not been applied to all appropriate figures. Canon issued 52,000 shares of common stock in 20X0 and held 2,000 shares as treasury stock all during 20X1.

Required
Prepare a corrected statement of income (single-step, which lists all revenues together and all expenses together), including comprehensive income for 20X1. Include earnings per share.

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Canon Pet Supplies Income Statement 20X1 Revenue and gains: $362,000 Unrealized gain on available-for-sale Paid-in ca pital in excess of par-common Total revenues and gains 452,000 294,000 158,000 Total expenses and losses Other gains and losses: S(20,000) (3,000) Loss on discontinued operations Total other losses (23,000) $135,000 0 Net income Earnings per share