1. The following information relates to Perry Corporation for the year ended December 31, 2011:

Common stock outstanding	75,000 shares
Income from continuing operations	$1,523,200
Loss on discontinued operations (net of tax)	240,000
Extraordinary gain (net of tax)	144,000

Calculate EPS for the year ended December 31, 2011. Present the information in the same format used in the corporations income statement.

2. Kelly Company had outstanding 50,000 shares of $20 stated value common stock, all issued at $24 per share, and had retained earnings of $800,000. The company reacquired 2,000 shares of its stock for cash at book value from the widow of a deceased stockholder.

a. Give the entry to record the reacquisition of the stock.

b. Give the entry to record the subsequent reissuance of this stock at $50 per share.

c. Give the entry required if the stock is instead reissued at $30 per share and there were no prior treasury stock transactions.