The following information was taken from the records of Underwood Motorsports, Inc., at September 30, 2010.
1) Selling expenses $124,000.
2) General expenses 131,000.
3) Income from discontinued operations 8,000.
4) Retained earnings, beginning 87,000.
5) Cost of goods sold 437,000.
6) Treasury stock, common (1,100 shares) 12, 100.
7) Net sales revenue 832,000.
8) Common stock, $10 par, 21,100 shares authorized and issued $211,000.
9) Preferred stock, $5, no-par 3,000 shares issued 150,000.
10) Income tax expense: - Continuing operations 72,000. -Income from discontinued operations 3,200.
REQUIREMENTS: Prepare a multi-step income statement for Underwood Motorsports for the fiscal year ended Septeber 30, 2010. Include earnings per share.