The following information was taken from the records of Mobile Motorsports, Ince, at September 30, 2008.

Requirement 

Prepare a multistep income statement for Mobile Motorsports, Inc., for the fiscal year ended September 30, 2008. Include earnings per share.

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General expenses Preferred stock, $2, no-par, 5,000 shares issued Common stock. $10 par, 25,000 shares authorized and issued Net sales revenue Treasury stock, common (1,000 shares) $133,000 Cost of goods sold $435,000 Retained earnings, beginning 88,000 200,000 Selling expenses 121,000 Income from discontinued 250,000 operations 8,000 837,000 Income tax expense: Continuing operations 72,000 11,000 Income from discontinued operations 2,000