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Presented below are selected ledger accounts of Blossom Corporation as of December 31, 2017. Cash $123,000 Administrative expenses 251,000 Selling expenses 201,000 Net sales 1,362,000
Presented below are selected ledger accounts of Blossom Corporation as of December 31, 2017.
Cash | $123,000 | |
Administrative expenses | 251,000 | |
Selling expenses | 201,000 | |
Net sales | 1,362,000 | |
Cost of goods sold | 521,000 | |
Cash dividends declared (2017) | 45,000 | |
Cash dividends paid (2017) | 41,000 | |
Discontinued operations (loss before income taxes) | 99,000 | |
Depreciation expense, not recorded in 2016 | 74,000 | |
Retained earnings, December 31, 2016 | 224,000 | |
Effective tax rate = 30% |
Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 10,000 shares of common stock were outstanding during 2017
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