Please do not just put the answer, I need the explanation of the problem, I need to understand how it is solved

Exercise 14-12 a-b The following information is available for Cullumber Corporation for the year ended December 31, 2020: sales revenue $775,000, other revenues and gains $89,500, operating expenses $109,000, cost of goods sold $468,000, other expenses and losses $31,000, and preferred stock dividends $35,525. The company's tax rate was 35%, and it had 64,000 shares outstanding during the entire year. I Prepare a corporate income statement. (List other revenues before other expen CULLUMBER CORPORATION Income Statement For the Year Ended December 31, 2020 Sales Revenue 775,000 Cost of Goods Sold RRRRRIX 468,000 Gross Profit/ (Loss) RRRRR 307,000 Operating Expenses 109,000 Operating Expenses 190,000 X Other Revenues and Gains 89,000 Other Expenses and Losses -31,000 Income before Income Taxes 240,000 Income Tax Expense -60,000 EX LAVA x Operating Expenses 190,000 Other Revenues and Gains 89,000 Other Expenses and Losses -31,000 > Income before Income Taxes 240,000 Income Tax Expense -60,000 Net Income 7 (LOSS) 180,000 LINK TO TEXT x Your answer is incorrect. Try again. Calculate earnings per share. (Round answer to 2 decimal places, e.g. 2.25.) Earnings per share Click if you would like to