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For 2017, Silvertip Construction, Inc., reported income from continuing operations (after tax) of $1,650,000. On November 15, 2017, the company adopted a plan to dispose
For 2017, Silvertip Construction, Inc., reported income from continuing operations (after tax) of $1,650,000. On November 15, 2017, the company adopted a plan to dispose of a component of the business. This component qualifies for discontinued operations treatment. During 2017, the component had pre-tax operating losses of $95,000. The component's assets have a book value of $760,000 on December 31, 2017 A recent market value analysis of these assets placed their estimated selling price at $735,000, less a 6% brokerage commission. Management appropriately determines that these assets are impaired and expects to find a buyer for the component and complete the sale early in 2018 Required: Prepare a partial income statement for Silvert including EPS disclosures for the year ended December 31, 2017 Begin at income from continuing operations. Assume a 35% income tax rate and 1,000,000 shares of outstanding common stock. (Round your answers to 2 decimal places under "Earnings per share". Amounts to be deducted should be indicated with a minus sign.) Silvertip Construction, Inc Partial Income Statement For the Year Ended December 31, 2017 Discontinued operations
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