The information below was taken from the ledger and other records of Stahl Metalworks Corp. at September 30, 2017:

Cost of goods sold ................................................................................................... $157,500

Loss on sale of property ......................................................................................... 17,500

Sales returns ............................................................................................................. 3,500

Income tax expense (saving)

Continuing operations ......................................................................................... 13,500

Discontinued segment:

Operating loss .................................................................................................. (1,800)

Gain on sale ...................................................................................................... 600

Gain on sale of discontinued segment ................................................................. 1,750

Interest expense ....................................................................................................... 4,250

General expenses ..................................................................................................... 42,000

Interest revenue ....................................................................................................... 1,750

Preferred shares, $1.00, 15,000 shares authorized, 7,500 shares issued

and outstanding .................................................................................................. 93,750

Retained earnings, October 1, 2016 ...................................................................... 30,500

Selling expenses ....................................................................................................... 50,750

Common shares, 50,000 shares authorized, issued, and outstanding .............. 165,000

Sales revenue ......................................................................................................... 315,000

Dividends .............................................................................................................. 11,000

Operating loss, discontinued segment ................................................................. 5,250

Loss on insurance settlement ................................................................................ 4,000

Required

Prepare a single-step income statement, including earnings per share, for Stahl Metalworks Corp. for the fiscal year ended September 30, 2017. Evaluate income for the year ended September 30, 2017, in terms of the outlook for 2018. Assume 2017 was a typical year and that Stahl Metalworks Corp.'s managers hoped to earn income from continuing operations equal to 10 percent of net sales.