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Problem 1: Prepare an income statement for Franklin Kite Co. Take your calculations all the way to computing earnings per share. (Round EPS answer to 2 decimal places.)
Sales $1,400,000
Shares outstanding 185,000
Cost of goods sold 550,000
Interest expense 22,000
Selling and administrative expense 45,000
Depreciation expense 34,000
Preferred stock dividends 89,000
Taxes 113,000
Financial Statement Analysis and Preparation
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