Question
Crane Corporation had income from continuing operations of $10,814,300 in 2020. During 2020, it disposed of its restaurant division at an after-tax loss of $203,200.
Crane Corporation had income from continuing operations of $10,814,300 in 2020. During 2020, it disposed of its restaurant division at an after-tax loss of $203,200. Prior to disposal, the division operated at a loss of $319,600 (net of tax) in 2020 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Crane had 10,000,000 shares of common stock outstanding during 2020. Prepare a partial income statement for Crane beginning with income from continuing operations.(Round earnings per share to 2 decimal places, e.g. 1.48.)
CRANE CORPORATION Income Statement (Partial)Step by Step Solution
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