Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

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The income statement below was prepared by a new and inexperienced employee in the accounting department of Dexter, Inc., a business organized as a corporation:

Instructions
a.repare a corrected income statement for the year ended December 31, 2015, using the format illustrated in Exhibit 12-2.nclude at the bottom of your income statement all appropriate earnings per share figures.ssume that throughout the year the company had outstanding a weighted average of 500,000 shares of a single class of capital stock.
b.repare a statement of retained earnings for 2015.As originally reported, retained earnings at December 31, 2014, amount to $3,200,000.)
c.hat does the $56,000 "Gain on sale of treasury stock" represent How would you report this item in Dexter's financial statements at December 31, 2015