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Metlock corp. h as 1479, 750 shares of common stock outstanding. In 2017, the company repress income from continuing operations before income tax of $1,
Metlock corp. h as 1479, 750 shares of common stock outstanding. In 2017, the company repress income from continuing operations before income tax of $1, 213, 100. Additional transactions not considered in the $1, 213, 100 are as follows. In 2017, Metlock corp. sold equipment for $37, 200. The machine had originally cost $83, 400 and had accumulated depreciation of $32, 300. The gain or loss is considered non-recurring. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191, 2000 before taxes. Assume that this transaction meets the criteria for discontinue operations. The loss from operations of the discontinued subsidiary was $92, 400 before taxes; the loss from disposal of the subsidiary was $98, 800 before taxes. An internal audit discovered that amortization of intangible assets was understated by $38, 900 (net of tax) in a period. The amount was charged against retained seaming. Analyze the above information and prepare an income statement for the year 2017, starting with income from continuing operations before income tax. Compute earnings per share as it should be shown on the face of the income statement
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