Income Station Cugh Comprehender the als were 1019 1. The company teen hendes 2. the comincia a la This de $150.00 mercados Roires 1. CC 2019 child "Hot act QUINGHAM COMPANY Partial nome Statement for Year End 2019 Ince Incroperties Rostres contro Gaon sale of winn P Cafe DO Con Income from contine cations sed from disconti Net Che Work CUNNINGHAM COMPANY Statement of Retained Earnings For Year Ended December 31, 2019 Retained earnings, 1/1/2019 $ 35,111 X Add: Net income for 2019 Less: Cash dividends 22,500 Retained earnings, 12/31/2019 Income Statement, Lower Portion Cunningham Company reports a retained earnings balance of $365,200 at the beginning of 2019. For the year ended December 31, 2019, the company reports pretax income from continuing operations of $153,000. The following information is also available pertaining to 2019: 1. The company dedared and paid a $0.75 cash dividend per share on the 30,000 shares of common stock that were outstanding the entire year 2. The company incurred a pretax $21,000 loss as a result of an earthquake, which is not unusual for the area. This is Induded in the $153,000 Income from continuing operations. 3. The company sold Division P (a component of the company in May. From January through May, Division Phad incurred a pretax loss from operations of $13,000. A pretax gain of $15,000 was recognized on the sale of Division P. Required: Assuming that all the "pretax items are subject to a 30% income tax rate: 1. Complete the lower portion of Cunningham's 2019 income statement beginning with Pretax Income from Continuing Operations. Round earnings per share computations to the nearest cent. CUNNINGHAM COMPANY Partial Income Statement For Year Ended December 31, 2019 Pretax income from continuing operations 153,000 Income tax expense 45.900 Income from continuing operations 107.100 Results from discontinued operations Loss from operations of discontinued Division P (net of income tax credit) Ou Gain on sale of Division P (net of income taxes) Net Income EPS Components of Income Previous OWS Dealer Portal 5 Parts & Service Ho... eBook LOST Om operations discontinued DIVISIOtecom context Gain on sale of Division P (net of income taxes) Net income EPS Components of Income Income from continuing operations Results from discontinued operations Net income 2. Prepare an accompanying retained earnings statement. CUNNINGHAM COMPANY Statement of Retained Earnings For Year Ended December 31, 2019 Retained earnings, 1/1/2019 35.111 X Add: Net income for 2019 Less: Cash dividends 22.500 Retained earnings, 12/31/2019 Feedback Check My Work Although not a required financial statement, whenever a corporation issues an income statement and a balance sheet. It may include a schedule beginning retained earnings balance with the ending retained earnings balance. Some smaller companies report this schedule as a separate fina Income Station Cugh Comprehender the als were 1019 1. The company teen hendes 2. the comincia a la This de $150.00 mercados Roires 1. CC 2019 child "Hot act QUINGHAM COMPANY Partial nome Statement for Year End 2019 Ince Incroperties Rostres contro Gaon sale of winn P Cafe DO Con Income from contine cations sed from disconti Net Che Work CUNNINGHAM COMPANY Statement of Retained Earnings For Year Ended December 31, 2019 Retained earnings, 1/1/2019 $ 35,111 X Add: Net income for 2019 Less: Cash dividends 22,500 Retained earnings, 12/31/2019 Income Statement, Lower Portion Cunningham Company reports a retained earnings balance of $365,200 at the beginning of 2019. For the year ended December 31, 2019, the company reports pretax income from continuing operations of $153,000. The following information is also available pertaining to 2019: 1. The company dedared and paid a $0.75 cash dividend per share on the 30,000 shares of common stock that were outstanding the entire year 2. The company incurred a pretax $21,000 loss as a result of an earthquake, which is not unusual for the area. This is Induded in the $153,000 Income from continuing operations. 3. The company sold Division P (a component of the company in May. From January through May, Division Phad incurred a pretax loss from operations of $13,000. A pretax gain of $15,000 was recognized on the sale of Division P. Required: Assuming that all the "pretax items are subject to a 30% income tax rate: 1. Complete the lower portion of Cunningham's 2019 income statement beginning with Pretax Income from Continuing Operations. Round earnings per share computations to the nearest cent. CUNNINGHAM COMPANY Partial Income Statement For Year Ended December 31, 2019 Pretax income from continuing operations 153,000 Income tax expense 45.900 Income from continuing operations 107.100 Results from discontinued operations Loss from operations of discontinued Division P (net of income tax credit) Ou Gain on sale of Division P (net of income taxes) Net Income EPS Components of Income Previous OWS Dealer Portal 5 Parts & Service Ho... eBook LOST Om operations discontinued DIVISIOtecom context Gain on sale of Division P (net of income taxes) Net income EPS Components of Income Income from continuing operations Results from discontinued operations Net income 2. Prepare an accompanying retained earnings statement. CUNNINGHAM COMPANY Statement of Retained Earnings For Year Ended December 31, 2019 Retained earnings, 1/1/2019 35.111 X Add: Net income for 2019 Less: Cash dividends 22.500 Retained earnings, 12/31/2019 Feedback Check My Work Although not a required financial statement, whenever a corporation issues an income statement and a balance sheet. It may include a schedule beginning retained earnings balance with the ending retained earnings balance. Some smaller companies report this schedule as a separate fina