Partially correct answer iconYour answer is partially correct Marigold Corp has 150,890 shares of common stock outstanding In 2020, the company reports income from continuing operations before income tax of $1,213,700 Additional transactions not considered in the $1,213,700 are as follows 1 In 2020, Marigold Corp sold equipment for $37,900 The machine had originally cost $82,400 and had accumulated depreciation of $31,600 The gain or loss is considered non recurring 2 The company discontinued operations of one of its subsidiaries during the current year at a loss of $196,700 before taxes Assume that this transaction meets the criteria for discontinued operations The loss from operations of the discontinued subsidiary was $94,900 before taxes the loss from disposal of the subsidiary was $101,800 before taxes 3 An internal audit discovered that amortization of intangible assets was understated by $38,300 (net of tax) in a prior period The amount was charged against retained earnings 4 The company recorded a non recurring gain of $129,100 on the condemnation of some of its property (included in the $1,213,700) Analyze the above information and prepare an income statement for the year 2020, 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 (Assume a total effective tax rate of 19 on all items, unless otherwise indicated ) MARIGOLD CORP Income Statement (Partial) For the Year Ended December 31, 2020 Income From Continuing Operations Before Income Tax Income Tax Income From Continuing Operations Discontinued Operations Loss from Operations of Discontinued Subsidiary Applicable Income Tax Reduction $ 94900 Less V 18031 $ $ 76869 Loss from Disposal of Subsidiary 101800 Less V Applicable Income Tax Reduction 19342 82458 Net Income (Loss) MARIGOLD CORP Income Statement (Partial) For the Year Ended December 31, 2020 ore Income Tax 1200800 228152 972648 Subsidiary $ 94900 duction 18031 $ 76869 1 101800 duction 19342 82458 i 159327 A 813321

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Partially correct answer iconYour answer is partially correct. Marigold Corp. has 150,890 shares of common stock outstanding. In 2020, the company reports income from continuing

Partially correct answer iconYour answer is partially correct.

Marigold Corp. has 150,890 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,213,700. Additional transactions not considered in the $1,213,700 are as follows.

1.		In 2020, Marigold Corp. sold equipment for $37,900. The machine had originally cost $82,400 and had accumulated depreciation of $31,600. The gain or loss is considered non-recurring.
2.		The company discontinued operations of one of its subsidiaries during the current year at a loss of $196,700 before taxes. Assume that this transaction meets the criteria for discontinued operations. The loss from operations of the discontinued subsidiary was $94,900 before taxes; the loss from disposal of the subsidiary was $101,800 before taxes.
3.		An internal audit discovered that amortization of intangible assets was understated by $38,300 (net of tax) in a prior period. The amount was charged against retained earnings.
4.		The company recorded a non-recurring gain of $129,100 on the condemnation of some of its property (included in the $1,213,700).

Analyze the above information and prepare an income statement for the year 2020, 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. (Assume a total effective tax rate of 19% on all items, unless otherwise indicated.) image text in transcribed ++

MARIGOLD CORP. Income Statement (Partial) For the Year Ended December 31, 2020 Income From Continuing Operations Before Income Tax Income Tax Income From Continuing Operations Discontinued Operations Loss from Operations of Discontinued Subsidiary Applicable Income Tax Reduction $ 94900 Less V 18031 $ $ 76869 Loss from Disposal of Subsidiary 101800 Less V Applicable Income Tax Reduction 19342 82458 Net Income /(Loss) MARIGOLD CORP. Income Statement (Partial) For the Year Ended December 31, 2020 ore Income Tax 1200800 228152 972648 Subsidiary $ 94900 duction 18031 $ 76869 1 101800 duction 19342 82458 i 159327 A 813321