The following information was taken from the records of Grey Motorsports, Inc. at November 30, 2016:

Prepare a multi-step income statement for Grey Motorsports for the fiscal year ended November 30, 2016. Include earnings per share.

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125,000 Common Stock, $5 Par Value, Selling Expenses Administrative Expenses Income from Discontinued Operations Cost of Goods Sold Treasury Stock-Common (500 shares) Net Sales Revenue 30,500 shares authorized and issued 152,500 95,000 11.000 440,000 4,000 797,000 Preferred Stock, $3 No-Par Value, 5,000 shares issued Income Tax Expense: Continuing Operations Income Tax Expense: Income from 250,000 35,000 Discontinued Operations 4,400