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P4-7 (LO3,4,5) GROUPWORK (Income Statement, Irregular Items) Wade Corp. has 150,000 shares of common stock out- standing. In 2017, the company reports income from continuing operations before income tax of $1,210,000. Additional transac- 1. In 2017, Wade Corp. sold equipment for $40,000. The machine had originally cost $80,000 and had accumulated deprecia- 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $190,000 before taxes. tions not considered in the $1,210,000 are as follows. tion of $30,000. The gain or loss is considered non-recurring. Assume that this transaction meets the criteria for discontinued operations. The loss from operations of the discontinued 3. An internal audit discovered that amortization of intangible assets was understated by $35,000 (net of tax) in a prior pe- 4. The company recorded a non-recurring gain of $125,000 on the condemnation of some of its property (included in the subsidiary was $90,000 before taxes; the loss from disposal of the subsidiary was $100,000 before taxes. riod. The amount was charged against retained earnings. $1,210,000) Instructions Analyze the above information and prepare an income statement for the year 2017, starting with income from continuing opera- tions before income tax. Compute earnings per share as it should be shown on the face of the income statement. (Assume a total effective tax rate of 38% on all items, unless otherwise indicated.)