The following are partial income statement account balances taken from the Decem

Question

The following are partial income statement account balances taken from the December 31,2016, year-end trial balance of White and Sons, Inc.: restructuring costs, $450,000; interest revenue, $55,000; before-tax loss on discontinued operations, $550,000; and loss on sale of investments. $65,000. Income tax expense has not yet been recorded. The income tax rate is 40%. Prepare the lower portion of the 2016 income statement beginning with $925,000 income from continuing operations before income taxes. Include appropriate basic EPS disclosures. The company had 150,000 shares of common stock outstanding throughout the year. (Amounts to be deducted should be indicated with a minus sign. Round "EPS" answers to 2 decimal places.)

Explanation / Answer

Income from continuing operations before income tax $925,000 income tax expense (370,000) income from continuing operationds 555,000 loss from discontiuing operatins 330,000 Net income 225,000 Earnings per share Income before discontinued operations 3.7 loss from discontinued operations (2.2) Earning per share 1.5

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