The following adjusted trial balance information (with accounts in alphabetical order) for Willis Tour Co. Inc. as at December 31, 2023, was made available after its second year of operations:

RequiredThe dividends declared by Willis in the amount of $4,500 during the year ended December 31, 2023, were debited directly to retained earnings. Prepare an income statement (in multi-step format), and a classified balance sheet for Willis Tour Co. Inc. using the information provided. Include the appropriate presentation for earnings per share.

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Accounts Payable Accumulated Depreciation, Office Equipment Cash Account Common Shares, 20,000 authorized; 10,000 issued and outstanding Dividends Payable Gain on Expropriation of Land and Building Income Tax Expense Income Tax Payable Loss on Sale of Office Equipment Notes Payable (due in 18 months) Office Equipment Operating Expenses Preferred Shares, $0.25 non-cumulative; 5,000 shares authorized; 2,000 shares issued and outstanding Prepaid Rent Retained Earnings Ticket Sales Totals Debit Credit $ 2,500 8,000 $ 17,500 12,000 13,500 56,000 195,500 22,500 12,500 4,500 25,000 2,000 8,500 10,000 14,500 229,500 $317,000 $317,000