___ 12.	Information from Ginger Inc.'s financial records for 20X3 is shown below. Income from continuing operations before tax $52,000 Tax rate 25% Income from operations $55,000 Loss on disposal of discontinued operation $20,000 Net income $24,000 Common stock 5000 shares EPS reported on Ginger's income statement will include a breakdown for income from continuing operations in the amount of
	A)	$4.80
	B)	$6.40
	C)	$7.80
	D)	$10.40
	E)	$11.00

___ 13.	In 2020, Linz Corporation reported a discontinued operations loss of $1,200,000, net of 20% tax. During 2020, Linz had a weighted average of 500,000 common shares outstanding and declared common stock dividends of $360,000. As a result of the discontinued operations loss, the earnings per share would decrease by
	A)	$0.48
	B)	$1.68
	C)	$1.92
	D)	$2.40
	E)	$3.00

___ 14.	Wilton Corporation reported retained earnings of $354,000 on 1/1/X7 and $429,600 on 12/31/X7. During the year the company issued $27,000 in common stock for $32,000 and paid dividends of $50,400. Wilton's tax rate is 22%. Given this information, what was Wilton's net income for the year?
	A)	$73,320
	B)	$94,000
	C)	$98,280
	D)	$99,000
	E)	$126,000

___ 15.	In 20X7, Deacon Inc., discovered that depreciation expense was incorrectly recorded in 20X6. The amount recorded in 20X6 was $87,000. The correct amount for 20X6 was $78,000. Deacon reported retained earnings of $316,800 on 1/1/X7; net income of $100,000 for the year; and has a tax rate of 20%. How much will Deacon report as adjusted retained earnings 1/1/X7?
	A)	$307,800
	B)	$309,600
	C)	$324,000
	D)	$325,800
	E)	$424,000

___ 16.	On January 1, 20X7 Farr Company reported retained earnings of $650,000. In 20X7 Farr sold off part of its operations for a loss of $225,000. The discontinued operations reported a net loss of $132,000 for 20X7. Farr reported net income of $109,500 for year-ending 20X7. In 20X7 Farr also sold plant assets for $10,000 resulting in a $2,000 loss on the sale. It was then discovered that a $3,000 loss on the sale of other plant assets in 20X6 was omitted from the records. Assume all amounts given are pre-tax. Farr's tax rate is 25%. How much did Farr report for retained earnings December 31, 20X7?
	A)	$761,750
	B)	$757,250
	C)	$756,500
	D)	$489,500
	E)	$399,500

___ 17.	At 1/1/X2 West Company reported retained earnings of $100,000. At year-end, West reported net income of $20,000, dividends of $5000, and a loss due to the write-off of $2,000 in inventory due to obsolescence. The analysis of inventory brought to light that in 20X1, cost of goods sold was over-charged by $5000. Assume a tax rate of 25%, how much did West report for retained earnings 12/31/X2?
	A)	$109,750
	B)	$110,000
	C)	$111,250
	D)	$118,750
	E)	$120,000