AP4-12A (Statement of income presentation: basic EPS) The following information was taken from Thor Ltd.s adjusted trial balance as at July 31, 2024: Sales revenue $1,205,700

Investment revenue 1,900

Administration expense 85,000

Wages expense 25,000

Cost of goods sold 543,000

Selling expense 250,000

Utilities expense 60,700

Depreciation expense 75,000

Financing expense 18,500

Income tax expense 75,000

Dividends declaredCommon shares 25,000

Required

Prepare a single-step statement of income for the year ended July 31, 2024.

Prepare a multi-step statement of income for the year ended July 31, 2024. If Thor had 60,000 common shares outstanding throughout the year, determine the companys basic earnings per share. Determine Thors gross margin percentage for the year.