Assume that income from continuing operations (net of tax) is $50,000, what is the amount of Earning Per Share reported for Net Income?

Using the information below, determine the number indicated above to be reported on the income statement, the statement of comprehensive income, or the retained earnings statement for the year ended Dec. 31, 2020

Assume a 30% tax rate on all items and that 100,000 shares of common stock were outstanding during the year.

All amounts except for the beginning retained earnings balance are pre-tax numbers.

Retained Earning $550,000

Net Sales 1,300,000

Selling expenses 200,000

Unrealized holding loss on available for sale securities 30,000

Earthquake loss on plant (unusual and infrequent) 280,000

Cash Dividends declared on common stock 33,000

Cash Dividends declared on preferred stock 12,000

Gain resulting from computation error on depreciation charge in 2015 510,000

Dividend revenue 60,000

Cost of goods sold 780,000

Administrative expenses 40,000

Gain on disposal of a component 100,000