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Presented below is financial information of the Cullumber Corporation for 2020. Gain on the sale of investments 464,000 Net sales 130,500,000 Cost of goods sold
Presented below is financial information of the Cullumber Corporation for 2020.
Gain on the sale of investments | 464,000 | ||
Net sales | 130,500,000 | ||
Cost of goods sold | 89,900,000 | ||
Loss on disposal of wholesale division | 1,943,000 | ||
Interest revenue | 304,500 | ||
Loss on operations of wholesale division | 2,001,000 | ||
Selling and administrative expenses | 23,780,000 | ||
Dividends declared on common stock | 986,000 | ||
Write off of goodwill | 2,262,000 | ||
Dividends declared on preferred stock | 348,000 | ||
Effective tax rate on all items is 30% |
Cullumber Corporation decided to discontinue its wholesale operations and to retain their manufacturing operations. On July 1, Cullumber sold the wholesale operations. During 2020, there were 1,000,000 shares of common stock outstanding all year. Compute each of the following. (Round earnings per share answer to 2 decimal places, e.g. 5.25 and all other answers to 0 decimal places, e.g. 5,275.)
1. | Income from operations | $ | ||
2. | Income before income tax | $ | ||
3. | Income from continuing operations | $ | ||
4. | Net income | $ | ||
5. | Earnings per share | $ |
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