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The income statement for Weatherford International Inc.’s yearended December 31, 2020, was prepared by an inexperiencedbookkeeper. As the new accountant, your immediate priority is tocorrect the statement. All amounts included in the statement arebefore tax (assume a rate of 25%). The company had 102,000 commonshares issued and outstanding throughout the year, as well as20,400 shares of $1.20 cumulative preferred shares issued andoutstanding. Retained earnings at December 31, 2019, were$329,800.
Required:Prepare a corrected income statement, including earnings per shareinformation. (Negative answers should be indicated bya minus sign in the other revenues and expenses section and thediscontinued operations section. Round the "Earnings per Share"answers to 2 decimal places.)