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.

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Weatherford International Inc. Income Statement December 31, 2014 Revenues Gain on sale of equipment... Interest revenue . . Gain on sale of plant 14,400 6,720 141,600 29,040 $1,343,760 Expenses Cost of goods sold. Selling and administrative expenses . . . . Sales discounts. .. Loss on sale of discontinued operation 348,000 . . . . . . . . .. . 180,000 11,760 36,000 . . . 695,760 S 648,000 6.48 Earnings per share . .