Income Statement

Pallest Corporation reported the following pretax information for its current fiscal year: $28,000 income from continuing operations and an $7,000 loss arising from discontinuing a segment (it was simply closed, no gain or loss on sale). Pallest is subject to a 30% income tax rate and had 7,000 shares of common stock outstanding for the year.

Starting with pretax income from continuing operations, prepare a partial income statement for Pallest for the current year. Be sure to include earnings per share information. Round earnings per share computations to the nearest cent.

PALLEST CORPORATION
Income Statement (Partial)
For Year Ended December 31, Current Year
Pretax income from continuing operations	$fill in the blank 1
Income tax expense	fill in the blank 2
Income from continuing operations	$fill in the blank 3
Loss from discontinued operations (net of taxes)	fill in the blank 4
Net Income	$fill in the blank 5
Components of Income	EPS
Income from continuing operations	$fill in the blank 6
Loss from discontinued operations	fill in the blank 7
Net income	$fill in the blank 8