Wind Surfer Inc. produces and distributes equipment for sailboats. On the basis of the following data for the current fiscal year ended June 30, 2008, prepare a multiple-step income statement for Wind Surfer, including an analysis of earnings per share in the form illustrated in this chapter. There were 20,000 shares of \(\$ 150\) par common stock outstanding throughout the year.obj. 5

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Administrative expenses Cost of merchandise sold Gain on condemnation of land (extraordinary item) Income tax applicable to gain on condemnation of land Income tax reduction applicable to loss from discontinued operations Income tax applicable to income from continuing operations Loss on discontinued operations Loss from fixed asset impairment Restructuring charge. Sales Selling expenses $ 104,000 467,500 58,000 23,200 32,000 93,200 80,000 120,000 50,000 1,100,000 125,500