Income Statement Pallest Corporation reported the following pretax information for its current fiscal year: $50,000 income from continuing operations and an $10,000 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 10,000 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 Income tax expense Income from continuing operations Loss from discontinued operations (net of taxes) Net Income Components of Income Income from continuing operations Loss from discontinued operations Net income EPS Check My Work 3 more Check My Work uses remaining. Next >