The Novak Corporation had income from continuing operations of $12 million in 2020. During 2020, it disposed of its restaurant division at a loss of $87,000 (net of tax of $38,000). Before the disposal, the division operated at a loss of $213,000 (net of tax of $135,000) in 2020. Novak also had an unrealized gain-OCI of $45,000 (net of tax of $18,000) related to its FV-OCI equity investments. Novak had 10 million common shares outstanding during 2020. Prepare a partial statement of financial performance for Novak, beginning with income from continuing operations.

Novak Corporation Partial Statement of Comprehensive Income choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Month Ended December 31, 2020
select a comprehensive income item Other Comprehensive IncomeDiscontinued OperationsIncome from Continuing OperationsGross Profit / (Loss)Comprehensive incomeNet Income / (Loss)				$enter a dollar amount
select an opening name for section one Gross Profit / (Loss)Discontinued OperationsComprehensive incomeIncome from Continuing OperationsNet Income / (Loss)Other Comprehensive Income
select a comprehensive income item Unrealized Gain on FV-OCI Investments (Net of Tax)Loss from Operation of discontinued Restaurant Division (Net of Tax)Gain from Disposal of Restaurant Division (Net of Tax)Gain from Operation of discontinued Restaurant Division (Net of Tax)Loss on FV-OCI Investments (Net of Tax)Loss from Disposal of Restaurant Division (Net of Tax)		$enter a dollar amount
select a comprehensive income item Loss from Operation of discontinued Restaurant Division (Net of Tax)Gain from Operation of discontinued Restaurant Division (Net of Tax)Loss from Disposal of Restaurant Division (Net of Tax)Unrealized Gain on FV-OCI Investments (Net of Tax)Gain from Disposal of Restaurant Division (Net of Tax)Loss on FV-OCI Investments (Net of Tax)		enter a dollar amount
				enter a subtotal of the two previous amounts
select a summarizing line for the first part Other Comprehensive IncomeGross Profit / (Loss)Comprehensive incomeNet Income / (Loss)Income from Continuing OperationsDiscontinued Operations				enter a total amount for the first part
select an opening name for section two Net Income / (Loss)Other Comprehensive IncomeDiscontinued OperationsComprehensive incomeIncome from Continuing OperationsGross Profit / (Loss)
Items that will not be reclassified subsequently to net income or loss:
select a comprehensive income item Unrealized Gain on FV-OCI Investments (Net of Tax)Loss on FV-OCI Investments (Net of Tax)Loss from Operation of discontinued Restaurant Division (Net of Tax)Loss from Disposal of Restaurant Division (Net of Tax)Gain from Disposal of Restaurant Division (Net of Tax)Gain from Operation of discontinued Restaurant Division (Net of Tax)				enter a dollar amount
select a closing name for this statement Net Income / (Loss)Discontinued OperationsComprehensive incomeGross Profit / (Loss)Other Comprehensive IncomeIncome from Continuing Operations				$enter a total amount for this statement

Calculate earnings per share. (Round answers to 2 decimal places, e.g. 52.75.)

Earnings Per Share:
select a comprehensive income item Income from Continuing OperationsDiscontinued OperationsOther Comprehensive IncomeComprehensive incomeNet Income		$enter a dollar amount per share rounded to 2 decimal places
select a comprehensive income item Discontinued OperationsIncome from Continuing OperationsOther Comprehensive IncomeNet IncomeComprehensive income		enter a dollar amount per share rounded to 2 decimal places
select a comprehensive income item Income from Continuing OperationsComprehensive incomeDiscontinued OperationsOther Comprehensive IncomeNet Income		$enter a total amount

Save for Later