Assume Seneca's income tax rate is 35%; prepare the income statement for the year ended November 30, 2011. (Enter all appropriate tax amounts. Use parentheses or a minus sign to enter losses.)

The following balances appeared in the general ledger for Seneca Corporation at fiscal year end November 30, 2011: E: (Click the icon to view the balances.) In addition, the following occurred during the year. a. On April 10, a tornado destroyed one of the company's manufacturing plants, resulting in an extraordinary loss of $45,000. b. On July 31, the company discontinued one of its unprofitable segments. The loss from operations was $55,000. The assets of the segment were sold at a gain of $50,000. Requirements Seneca Corporation Income Statement For the year ended November 30, 2011 Data Table $ 22.000 Selling and administrative expenses Other revenues and gains 26.000 80.000 Operating expenses Cost of goods sold Net sales 140,000 410,000 20.000 Other expenses and losses Requirements Discontinued operations: 1. Assume Seneca's income tax rate is 35%, prepare the income statement for the year ended November 30, 2011. 2. Calculate the earnings per share the company would report on the income statement assuming Seneca had a weighted average of 1,000 shares of common stock outstanding during the year and paid no preferred dividends. Net income Print Done