Eastern Aviation operated both an airline and several restaurants located near airports. During the year just ended, all restaurant

operations were discontinued and the following operating results were reported.

All of these amounts are before income taxes unless indicated otherwise. The company's income tax rate is $40$ percent. The

nonrecurring loss resulted from damage to a warehouse that is not related to the discontinued restaurant operations. Eastern Aviation

had $1,000,000$ shares of capital stock outstanding throughout the year.

Required:

a$.$ Prepare a condensed income statement, including proper presentation of the discontinued restaurant operations and the

nonrecurring loss. Include all approprlate earnings per share figures.

b$.$ Assume that you expect the profitability of Eastern Aviation operations to decline by $5$ percent next year. What is your estimate of

the company's net earnings per share next year?

Complete this question by entering your answers in the tabs below.

Prepare a condensed income statement, including proper presentation of the discontinued restaurant operations and the

nonrecurring loss. Include all appropriate earnings per share figures. $($Round Earnings per share of common stock to $2$

decimal places.$)$ Assume that you expect the profitability of Eastern Aviation operations to decline by $5$ percent next year. What is your

estimate of the company's net earnings per share next year? $($Round your intermediate calculations and final answer to $2$

decimal places.$)$

per share