Earnings per share, discontinued operations The net income reported on the income statement of Cutler Co. was $4,000,000. There were 500,000 shares of $10 par common stock and 100,000 shares of $2 preferred stock outstanding throughout the current year. The income statement included a gain on discontinued operations of $400,000 after applicable income tax. Determine the per-share figures for common stock for

(a) income before discontinued operations and

(b) net income.

AppendixLO1