$($Related to Checkpoint $4\mathrm{.}3)($Analyzing profitability$)$ Last year, the P$.$ M$.$ Postem Corporation had sales of $$447,000,$ with a cost of goods sold of

$$110,000.$ The firm's operating expenses were $$129,000,$ and its increase in retained earnings was $$131,920.$ There are currently $20,000$ shares of

common stock outstanding, the firm pays a $$1\mathrm{.}62$ dividend per share, and the firm has no interest$-$bearing debt.

a$.$ Assuming the firm's earnings are taxed at $21$ percent, construct the firm's income statement.

b$.$ Compute the firm's operating profit margin.

a$.$ Assuming the firm's earnings are taxed at $21\%,$ construct the firm's income statement.

Complete the income statement below: $($Round to the nearest dollar.$)$

Income Statement

Revenues

Cost of Goods Sold

Gross Profit

Operating Expenses

Net Operating Income

Interest Expense

Earnings before Taxes

Income Taxes

Net Income

$

$

$

$

$