Sheffield Corp. has 149,380 shares of common stock outstanding. In 2017, the company reports income from continuing operations before income tax of $1,222,500. Additional transactions not considered in the $1,222,500 are as follows.

Sheffield Corp. has 149,380 shares of common stock outstanding. In 2017, the company reports income from continuing operations before income tax of $1,222,500. Additional transactions not considered in the $1,222,500 are as follows. 1. In 2017, Sheffield Corp. sold equipment for $38,400. The machine had originally cost $84,800 and had accumulated depreciation of $31,900. The gain or loss is considered non-recurring 2. The company discontinued operations or one or its subsidiaries during the current year at a loss or190 800 before taxes. Assume that this transaction meets the criteria for discontinued operations. The loss from operations or the discontinued subsidiary was $92,900 before taxes; the loss from disposal of the subsidiary was $97,900 before taxes. 3. An internal audit discovered that amortization of intangible assets was understated by $39,700 (net of tax) in a prior period. The amount was charged against retained earnings. 4. The company had a non-recurring gain of $127,600 on the condemnation of some of its property (included in the $1,222,500). Analyze the above information and prepare an income statement for the year 2017, 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 38% on all items, unless otherwise indicated.) (Round earnings per share to 2 decimal places, e.g. 1.47.) SHEFFIELD CORP Income From Continuing Operations Before Income Tax 1208000 ncome Tax Expense 459040 Income From Continuing Operations 748960 Discontinued Operations Loss from Operations of Discontinued Subsid ary 92900 ess Applicable Income Tax Reduction 35302 57598 Loss from Disposal of Subsidiary 97900 Less Applicable Income Tax Reduction 37202 Gain on Candemn Gain on Condemnation 127600 Gain on Condennation