Homework Answers
Income Statement will be as follows:
Working Notes:
1. Tax Expenses = (Total Revenue - Total Expenses) * 30%
Total Revenue = $2,453,600
Total Expenses = $1,464,000 + $218,900 + $300,000 + $45,600 = $2,028,500
Therefore, Tax Expenses = ($2,453,600 - $2,028,500) * 30% = $127,530
2. Earning per share = Net Income / No of shares issued = $297,570/71,830 = $4.14
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