Question

The Culver Corporation had income from continuing operations of $13 million in 2020. During 2020, it disposed of its restaurant division at a loss of $80,000 (net of tax of $38,000). Before the disposal, the division operated at a loss of $220,000 (net of tax of $135,000) in 2020. Blue Collar also had an unrealized gain-OCI of $43,000 (net of tax of $18,000) related to its FV-OCI equity investments. Culver had 10 million common shares outstanding during 2020.

Prepare a partial statement of financial performance for Culver, beginning with income from continuing operations.

Culver Corporation Partial Statement of Comprehensive Income choose the accounting period                                                          For the Month Ended December 31, 2020For the Year Ended December 31, 2020December 31, 2020
select a comprehensive income item                                                          Other Comprehensive IncomeComprehensive incomeNet Income / (Loss)Income from Continuing OperationsGross Profit / (Loss)Discontinued Operations				$enter a dollar amount
select an opening name for section one                                                          Income from Continuing OperationsGross Profit / (Loss)Comprehensive incomeNet Income / (Loss)Discontinued OperationsOther Comprehensive Income
select a comprehensive income item                                                          Loss on FV-OCI Investments (Net of Tax)Gain from Operation of discontinued Restaurant Division (Net of Tax)Loss from Disposal of Restaurant Division (Net of Tax)Loss from Operation of discontinued Restaurant Division (Net of Tax)Unrealized Gain on FV-OCI Investments (Net of Tax)Gain from Disposal of Restaurant Division (Net of Tax)		$enter a dollar amount
select a comprehensive income item                                                          Loss from Operation of discontinued Restaurant Division (Net of Tax)Gain from Operation of discontinued Restaurant Division (Net of Tax)Loss from Disposal of Restaurant Division (Net of Tax)Gain from Disposal of Restaurant Division (Net of Tax)Unrealized Gain on FV-OCI Investments (Net of Tax)Loss on FV-OCI Investments (Net of Tax)		enter a dollar amount
				enter a subtotal of the two previous amounts
select a summarizing line for the first part                                                          Comprehensive incomeIncome from Continuing OperationsDiscontinued OperationsGross Profit / (Loss)Other Comprehensive IncomeNet Income / (Loss)				enter a total amount for the first part
select an opening name for section two                                                          Discontinued OperationsNet Income / (Loss)Gross Profit / (Loss)Comprehensive incomeIncome from Continuing OperationsOther Comprehensive Income
Items that will not be reclassified subsequently to net income or loss:
select a comprehensive income item                                                          Loss from Operation of discontinued Restaurant Division (Net of Tax)Unrealized Gain on FV-OCI Investments (Net of Tax)Gain from Operation of discontinued Restaurant Division (Net of Tax)Loss on FV-OCI Investments (Net of Tax)Loss from Disposal of Restaurant Division (Net of Tax)Gain from Disposal of Restaurant Division (Net of Tax)				enter a dollar amount
select a closing name for this statement                                                          Other Comprehensive IncomeGross Profit / (Loss)Income from Continuing OperationsNet Income / (Loss)Discontinued OperationsComprehensive income				$enter a total amount for this statement

Calculate earnings per share. (Round answers to 2 decimal places, e.g. 52.75.)

Earnings Per Share:
select a comprehensive income item                                                          Discontinued OperationsComprehensive incomeNet IncomeOther Comprehensive IncomeIncome from Continuing Operations		$enter a dollar amount per share rounded to 2 decimal places
select a comprehensive income item                                                          Income from Continuing OperationsNet IncomeDiscontinued OperationsOther Comprehensive IncomeComprehensive income		enter a dollar amount per share rounded to 2 decimal places
select a comprehensive income item                                                          Net IncomeIncome from Continuing OperationsOther Comprehensive IncomeComprehensive incomeDiscontinued Operations		$enter a total amount

Answer 1

Particulars	Amount ($)	Amount ($)
Income from continuing operations		13,000,000
Discontinued Operations :
Loss from operations of discontinued restaurant division	(220,000)
Loss from disposal of restaurant division	(80,000)
Total loss on discontinued operations		(300,000)
		$12,700,000
Fair Value - OCI Investments:
Unrealised Gain		43,000
Net Income		12,743,000
Earning Per Share :
Income from continuing operations [$13,000,000 / 10,000,000]		$1.30
Discontinued Operations [$300,000 /10,000,000]		($0.03)
Net Income [$12,743,000 / 10,000,000]		$1.27