The following information was taken from the ledger and other records of Lillie Inc. at December 31, 2022. All amounts are pre-tax.
Account Name Balance
General Expenses $74,000
Gain on Sale of Discontinued Operation 239,000
Cost of Goods Sold 2,974,000
Interest Expense 31,000
Interest Revenue 8,000
Gain on sale of equipment 26,000
Sales Discounts 2,000
Sales Revenue 3,784,000
Selling Expenses 54,000
Loss from discontinued operations 384,000
Prepaid Expenses 33,000
Preferred Shares, $3, cumulative, 20,000 shares authorized, 12,000 issued and outstanding 200,000
Dividends Declared and Paid, 2022 68,000
Retained Earnings, January 1, 2022 316,000
Common Shares, unlimited authorization, 180,000 issued and outstanding 422,000
Additional Information: There was no change in number of preferred shares during the year. Preferred share cash dividends were in arrears for 2021. There were 140,000 common shares outstanding on January 1, 2022. 24,000 shares were issued on April 1, 2022 and another 16,000 shares were issued on Oct. 1, 2022. Required: Prepare an Income Statement in good form for Lillie Inc. for the fiscal year ended December 31, 2022. Use an income tax rate of 40%. Include full earnings per share disclosure and show all calculations.