Coronado Corp. has 150,120 shares of common stock outstanding. In
2020, the company reports income from continuing operations before
income tax of $1,230,000. Additional transactions not considered in
the $1,230,000 are as follows.
1. | In 2020, Coronado Corp. sold equipment for $35,700. The machine had originally cost $83,500 and had accumulated depreciation of $31,500. The gain or loss is considered non-recurring. | |
2. | The company discontinued operations of one of its subsidiaries during the current year at a loss of $195,100 before taxes. Assume that this transaction meets the criteria for discontinued operations. The loss from operations of the discontinued subsidiary was $90,600 before taxes; the loss from disposal of the subsidiary was $104,500 before taxes. | |
3. | An internal audit discovered that amortization of intangible assets was understated by $36,400 (net of tax) in a prior period. The amount was charged against retained earnings. | |
4. | The company recorded a non-recurring gain of $125,500 on the condemnation of some of its property (included in the $1,230,000). |
Analyze the above information and prepare an income statement for
the year 2020, starting with income from continuing operations
before income tax. Compute earnings per share as it should be shown
on the face of the income statement. (Assume a total effective tax
rate of 19% on all items, unless otherwise indicated.)
(Round earnings per share to 2 decimal places, e.g.
1.47.)
Coronado Corp. has 150,120 shares of common stock outstanding. In 2020, the company reports income from...
1. Concord Corp. has 150,240 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1.240,000. Additional transactions not considered in the $1.240,000 are as follows. In 2020, Concord Corp. sold equipment for $35,000. The machine had originally cost $84,900 and had accumulated depreciation of $31,700. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $194,900...
Novak Corp. has 149,380 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,215,800. Additional transactions not considered in the $1,215,800 are as follows. 1.In 2020, Novak Corp. sold equipment for $38,600. The machine had originally cost $80,700 and had accumulated depreciation of $30,600. The gain or loss is considered non-recurring. 2.The company discontinued operations of one of its subsidiaries during the current year at a loss of $196,800 before taxes....
Waterway Corp. has 150,600 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,233,800. Additional transactions not considered in the $1,233,800 are as follows. 1. In 2020, Waterway Corp. sold equipment for $37,700. The machine had originally cost $81,400 and had accumulated depreciation of $30,400. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,000...
Wildhorse Corp. has 150,620 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,221,000. Additional transactions not considered in the $1,221.000 are as follows. 1. In 2020, Wildhorse Corp. sold equipment for $35,800. The machine had originally cost $84,300 and had accumulated depreciation of $33,900. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,200...
Swifty Corp. has 149,190 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,211,100. Additional transactions not considered in the $1,211,100 are as follows. 1. In 2020, Swifty Corp. sold equipment for $37,400. The machine had originally cost $84,500 and had accumulated depreciation of $32,900. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $194,600...
Problem 4-7 Cullumber Corp. has 149,910 shares of common stock outstanding. In 2017, the company reports income from continuing operations before income tax of $1,221,100 Additional transactions not considered in the $1,221,100 are as follows. 1. In 2017, Cullumber Corp. sold equipment for $36,200. The machine had originally cost $81,900 and had accumulated depreciation of $34,800. The gain or loss is 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,500...
Wade Corp. has 150,000 shares of common stock outstanding. In 2017, the company reports income from continuing operations before income tax of $1,210,000. Additional transactions not considered in the $1,210,000 are as 1. In 2017, Wade Corp. sold equipment for $40,000. The machine had originally cost $80,000 and had accumulated depreciation of $30,000. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $190,000 before...
Your answer is partially correct. Try again. Cullumber Corp. has 149,910 shares of common stock outstanding. In 2017, the company reports income from continuing operations before income tax of $1,221,100. Additional transactions not considered in the $1,221,100 are as follows. 1. In 2017, Cullumber Corp. sold equipment for $36,200. The machine had originally cost $81,900 and had accumulated depreciation of $34,800. The gain or loss is considered non-recurring. The company discontinued operations of one of its subsidiaries during the current...
Windsor Corp has 149.520 shares of common stock outstanding in 2020, the company reports income from continuing operations before income tax of $1.229.200. Additional transactions not considered in the $1229.200 are as follows. 1. In 2020, Windsor Coroldegiment for $36200. The machine had originally cost $3.500 and accumulated depreciation of $31.400 The gain or low is considered non-recurring 2. The company discontinued operations of one of its subsidiaries during the current low of $194,300 before e Assume that this transaction...
PLEASE SHOW WORK THANK YOU. Problem 4-07 Vaughn Corp. has 149,440 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,228,000. Additional transactions not considered in the $1,228,000 are as follows. 1. 2. In 2020, Vaughn Corp. sold equipment for $37,600. The machine had originally cost $83,800 and had accumulated depreciation of $30,400. The gain or loss is considered non-recurring. The company discontinued operations of one of its subsidiaries during the...