Components of Van Corporation’s income statement for the year ended December 31, 2014 follow. Recast the income statement in multistep form, including allocating income taxes to appropriate items (assume a 30 percent income tax rate) and showing earnings per share figures (200,000 shares outstanding). (Round earnings per share figures to the nearest cent.)
Sales ...................... $1,110,000
Cost of goods sold ................. (550,000)
Operating expenses ................ (225,000)
Restructuring ................... (110,000)
Total income taxes expense for period........ (179,100)
Income from discontinued operations ........ 160,000
Gain on disposal of discontinued operations ...... 140,000
Extraordinary gain ................. 72,000
Net income .................... $ 417,900
Earnings per share ................$ 2.09