Income statement and earnings per share for discontinued operations Apex Inc. reports the following for a recent year:

Income from continuing operations before income tax expense $1,000,000 Loss from discontinued operations $240,000*

Weighted average number of shares outstanding 20,000 Applicable tax rate 40%

*Net of any tax effect.

a. Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax expense.

b. Determine the earnings per common share for Apex Inc., including per-share amounts for unusual items.

AppendixLO1