For the year ended December 31, Southern Supply had net sales of $7,820,000, costs and other expenses (including income tax) of $5,790,000, and an extraordinary gain (net of income tax) of $420,000.
A. Prepare a condensed income statement (including earnings per share), assuming that 910,000 shares of common stock were outstanding throughout the year. (Round Earnings per share of common stock to 2 decimal places.)