Shown below is an income statement for 2015 that was prepared by a poorly trained bookkeeper of M. Myers Corporation.

M. Myers Corporation

INCOME STATEMENT

December 31, 2015

Sales revenue $ 985,000

Investment revenue 9,500

Cost of goods sold (408,500)

Selling expenses (143,000)

Administrative expenses (192,500)

Interest expense (12,500)

Income before special items 238,000

Other items

Loss on disposal of a component of the business (130,000)

Major casualty loss (65,000)

Net federal income tax liability (12,900)

Net income $ 30,100

Instructions

Prepare a multiple-step income statement for 2015 for M. Myers Corporation that is presented in accordance with generally accepted accounting principles (including format and terminology). The Corporation has 50,000 shares of common stock outstanding and has a 30% federal income tax rate on all tax related items. Round all earnings per share figures to the nearest cent.