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Metlock Corporation had income from operations of $6,579,400. In addition, it suffered an unusual and infrequent pretax loss of $776,500 from a volcano eruption, interest
Metlock Corporation had income from operations of $6,579,400. In addition, it suffered an unusual and infrequent pretax loss of $776,500 from a volcano eruption, interest revenue of $15,430, and a write-down on buildings of $56,560. The corporations tax rate is 30%. Prepare a partial income statement for Metlock beginning with Income from operations. The corporation had 4,988,300 shares of common stock outstanding during 2017.
METLOCK CORPORATION Income Statement (Partial) For the Year Ended December 31, 2017 Income From Operations Other Revenues and Gains Interest Revenue Other Expenses and Losses Loss due to Volcano Eruption Impairment Loss Building Income Before Income Tax Earning Per Share Income Before Income Tax Earning Peer Share Net income (Loss) 6579400 15430 6594830 776500 56560 5761770 1.32 16 1.16Step by Step Solution
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