Toby Corporation reported the following for 2015 (all amounts are before taxes):

Sales, net ............................................................... $14,600,000

Cost of goods sold .................................................... 11,430,000

Selling and administrative expenses .................................225,000

Interest expense ........................................................ 15,000

Gain on sale of equipment ............................................ 6,000

Loss from discontinued operations .................................. 80,000

Weighted average number of common shares ......................175,000

Number of $2 cumulative preferred shares outstanding ..........200,000

a. Assuming a 27% tax rate, prepare an income statement for the year ended December 31, 2015.

b. Determine earnings per share for (i) income from continuing operations, (ii) discontinued operations, and (iii) net income.