Question
Metlock Corporation had income from continuing operations of $10,682,900 in 2020. During 2020, it disposed of its restaurant division at an after-tax loss of $190,400.
Metlock Corporation had income from continuing operations of $10,682,900 in 2020. During 2020, it disposed of its restaurant division at an after-tax loss of $190,400. Prior to disposal, the division operated at a loss of $321,800 (net of tax) in 2020 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Metlock had 10,000,000 shares of common stock outstanding during 2020. Prepare a partial income statement for Metlock beginning with income from continuing operations. (Round earnings per share to 2 decimal places, e.g. 1.48.)
METLOCK CORPORATION Income Statement (Partial) $ $ $ $ $Step by Step Solution
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