The following information was taken from the records of Chua Motorsports, Inc. at November 30, 2018:

Prepare a multi-step income statement for Chua Motorsports for the fiscal year ended November 30, 2018. Include earnings per share.

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Selling Expenses Administrative Expenses Income from Discontinued Operations Cost of Goods Sold Treasury Stock-Common (5,000 shares) Common Stock, $12 Par Value, 10,000 shares authorized and issued Preferred Stock, $7 No-Par Value, 7,000 shares issued Income Tax Expense: Continuing Operations Income Tax Expense: Income from Discontinued Operations $ 110,000 115,000 $ 120,000 2,500 490,000 510,000 75,000 20,000 Net Sales Revenue 1,000 819,000