The items below are components of Patel Corporation’s income statement for the year ended December 31, 2011. Recast the income statement in proper multistep form, including allocation income taxes to appropriate items (assume a 30 percent income tax rate) and showing earnings per share figures (100,000 shares outstanding).

Sales ....................... $ 555,000

Cost of goods sold................. (275,000)

Operating expenses................. (112,500)

Restructuring.................... (55,000)

Total income taxes expenses for period.......... (89,550)

Income from discontinued operations........... 80,000

Gain on Disposal of discontinued operations ....... 70,000

Extraordinary gain.................. 36,000

Net income ..................... $208,950