Question
Sheridan Corporation had income from continuing operations of $ 10,744,100 in 2020. During 2020, it disposed of its restaurant division at an after-tax loss of
Sheridan Corporation had income from continuing operations of $ 10,744,100 in 2020. During 2020, it disposed of its restaurant division at an after-tax loss of $ 199,000. Prior to disposal, the division operated at a loss of $ 324,200 (net of tax) in 2020 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Sheridan had 10,000,000 shares of common stock outstanding during 2020. Prepare a partial income statement for Sheridan beginning with income from continuing operations. (Round earnings per share to 2 decimal places, e.g. 1.48.)
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