The income statement for Weatherford International Inc.’s year ended December 31, 2014, was prepared by an inexperienced bookkeeper. As the new accountant, your immediate priority is to correct the statement. All amounts included in the statement are before tax (assume a rate of 30%). The company had 100,000 common shares issued and outstanding throughout the year, as well as 20,000 shares of $1.20 cumulative preferred shares issued and outstanding. Retained earnings at December 31, 2013, were $328,800.
Required Prepare a corrected income statement, including earnings per share information. Round earnings per share calculations to the nearest wholecent.