(L.OBJ. 5) Computing EPS [10-15 min]
Prep Academy Surplus had 50,000 shares of common stock and 9,000 shares of 4%, $5 par preferred stock outstanding through December 31, 2010. Income from continuing operations of 2010 was $120,000, and loss on discontinued operations (net of income tax saving) was $8,000. Prep also had an extraordinary gain (net of tax) of $19,000.
Requirement
1. Compute Prep’s EPS amounts for 2010, starting with income from continuing operations.
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