InstructionsPrepare an income statement for the year 2010 starting with income f

InstructionsPrepare an income statement for the year 2010 starting with income from continuing operations before taxes. Compute earnings per share as it should be shown on the face of the income statement. Common shares outstanding for the year are 120000 shares. (Assume a tax rate of 30% on all items unless indicated otherwise.)P4-4 (Multiple- and Single-step Income Retained Earnings)The following account balances were included in the trial balance of Twain Corporation at June 30 2010.The Retained Earnings account had a balance of $337000 at July 1 2009. There are 80000 shares of common stock outstanding.InstructionsUsing the multiple-step form prepare an income statement and a retained earnings statement for the year ended June 30 2010.Using the single-step form prepare an income statement and a retained earnings statement for the year ended June 30 2010.