The following information was taken from Egeland Ltd.’s adjusted trial balance as at July 31, 2020:

Sales revenue..................................................$2,788,800

Interest expense ..............................................     44,000

Cost of goods sold...........................................1,556,000

Utilities expense ...............................................    16,000

Depreciation expense .....................................  216,000

Distribution expenses .....................................  414,000

Administration expenses ................................. 279,000

Advertising expense ..........................................  64,000

Interest revenue ................................................   19,200

Income tax expense ..........................................  77,000

Dividends declared—Common shares ...........  30,000

Dividends declared—Preferred shares ........... 15,000

Required

a. Prepare a single-step statement of income for the year ended July 31, 2020.

b. Prepare a multi-step statement of income for the year ended July 31, 2020.

c. Determine Egeland’s gross margin percentage for the year.

d. If Egeland had 80,000 common shares outstanding throughout the year, determine the company’s basic earnings per share.