The Income Summary account, for Wise Tools appears below. Based on the data contained in the account, determine which of the statements below is correct. Income Summary Debit Credit 12/31 beginning inventory 4,000 12/31 ending inventory 9,000 12/31 expenses 51,000 12/31 revenues 45,000 Multiple Choice Wise Tools will report a $6,000 net loss for the period ending 12/31 Wise Tools will report net income of $6,000 for the period ending 12/31 Wise Tools will report net income of $1,000 for the period ending 12/31 Wise Tools will report a $1,000 net loss for the period ending 12/31

At december 31, 2016, pina corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 107,810 shares $10,781,000 common stock, $5 par, 4,026,000 shares 20,130,000 during 2017, pina did not issue any additional common stock. the following also occurred during 2017. income from continuing operations before taxes $21,950,000 discontinued operations (loss before taxes) $3,505,000 preferred dividends declared $1,078,100 common dividends declared $2,300,000 effective tax rate 35 % compute earnings per share data as it should appear in the 2017 income statement of pina corporation