Income from continuing operations before tax | ||
Given amount before adjustments | $ 2,439,000 | |
Gain on sale of equipment: | ||
Sale proceeds | $ 126,000 | |
Less:
carrying value $72,000 - $32,400 |
$ (39,600) | $ 86,400 |
Lawsuit proceeds | $ 468,000 | |
Uncollectibile accounts provision | $ (48,600) | |
Income from continuing operations before tax | $ 2,944,800 |
Below is the filled in statement:
Income statement | |||
December 31, 2020. | |||
Income from continuing operations before tax | $ 2,944,800 | ||
Income
tax [$2,944,800 × 25%] |
$ 736,200 | ||
Income from continuing operations | $ 2,208,600 | ||
Dincontinued operations | |||
Loss from operation of discontinued subsidiary | $ 81,000 | ||
Less:
applicable income tax reduction [$81,000 × 25%] |
$ (20,250) | $ 60,750 | |
Loss from disposal of subsidiary | $ 180,000 | ||
Less:
applicable income tax reduction [$180,000 × 25%] |
$ (45,000) | $ 135,000 | $ (195,750) |
Net income/ (loss) | $ 2,012,850 |
Earnings per share:
EPS | Amount |
Income
from continuing operations [$2,208,600 / 100,000] |
$ 22.09 |
Discontinued operations [-$135,000/ 100,000] |
$ (1.96) |
Net income | $ 20.13 |
Please show calculations Culver Corp. is a public company and has 100,000 common shares outstanding. In...
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