The following information was taken from the accounting records of Temple Company Inc. for the year ended December 31, 2009:

Bonds Payable, 6% due 2014                   $ 50,000

Property, Plant, and Equipment                397,000

Cash                                                          41,000

Common Shares, 20,000 outstanding       400,000

Cost of goods sold (NOTE 1)                      325,000

Customer Deposits                                       13,000

Dividends declared and paid                         15,000

Error correction (NOTE 2)                                20,000

Expenses - Abel Division                               56,000

Gain on disposal of Abel division (NOTE 3)     ?

Inventory Adjustment (NOTE 5)                      40,000

Operating expenses                                      138,000

Prepaid Expenses                                             7,000

Retained Earnings - January 1 ,2009               71,000

Revenues - Abel Division                                 87,000

Sales                                                              512,000

Wages Payable                                                 7,000

NOTE 1: Based on FIFO Method

NOTE 2: The error correction involves a gain of $20,000 applicable to October 2008 not previously recorded.

NOTE 3: On June. 30,2009 Temple sold Abel division for $351,000 when the carrying value was $295,000. For financial statement reporting, the disposal was consisdered a disposal of a segment of the business. The measurement and the disposal date were both June. 30, 2009.

NOTE 4: The income tax rate on all types of income is 40%

NOTE 5: On September 1, 2009, Temple changed to the FIFO inventory costing method from the average inventory costing method. The pretax cumulative effect of the accounting change was a charge of $40,000.

REQUIRED: Prepare a mult-step income statement for Temple for the year ended December 31, 2009, including the disclosure of earnings per common share.