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Presented below are selected ledger accounts of Coronado Corporation as of December 31, 2020. Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2020) Cash dividends paid (2020) Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2019 Retained earnings, December 31, 2019 Effective tax rate 20% $51,000 102,000 81,600 550,800 214,200 20,400 15,300 40,800 30,600 91,800 x Your answer is incorrect Compute net income for 2020. Net income $ 153000 Tamarisk Inc. reported income from continuing operations before taxes during 2020 of $805,200. Additional transactions occurring in 2020 but not considered in the $805,200 are as follows. 1. 2. 3. 4. The corporation experienced an uninsured flood loss in the amount of $90,700 during the year. At the beginning of 2018, the corporation purchased a machine for $63,000 (salvage value of $10,500) that had a useful life of 6 years. The bookkeeper used straight-line depreciation for 2018, 2019, and 2020, but failed to deduct the salvage value in computing the depreciation base. Sale of securities held as a part of its portfolio resulted in a loss of $59,300 (pretax). When its president died, the corporation realized $135,700 from an insurance policy. The cash surrender value of this policy had been carried on the books as an investment in the amount of $50,460 (the gain is nontaxable). The corporation disposed of its recreational division at a loss of $112,010 before taxes. Assume that this transaction meets the criteria for discontinued operations. The corporation decided to change its method of inventory pricing from average-cost to the FIFO method. The effect of this change on prior years is to increase 2018 income by $55,790 and decrease 2019 income by $20,180 before taxes. The FIFO method has been used for 2020. The tax rate on these items is 30%. 5. 6. Prepare an income statement for the year 2020 starting with income from continuing operations before taxes. Compute earnings per share as it should be shown on the face of the income statement Common shares outstanding for the year are 110,250 shares. (Assume a tax rate of 30% on all items, unless indicated otherwise.) (Round earnings per share to 2 decimal places, eg. 1.48 and all other answers to decimal places, e.g. 5,275.) TAMARISK INC. Income Statement (Partial) For the Year Ended December 31, 2020 Income From Continuing Operations Before Income Tax Income Statement (Partial) For the Year Ended December 31, 2020 Income From Continuing Operations Before Income Tax 733350 -197085 Income Tax Income From Continuing Operations Discontinued Operations 536265 Loss From Disposal of Recreational Division 112010 Less V Applicable Income Tax Reduction 33603 78407 Net Income /(Loss) $ 44804 Earnings Per Share Income From Continuing Operations $ 486 Discontinued Operations 0.71 Net Income /(Loss) S 4.15
