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EXERCISE 1:

Shown below is information relating to operations of Summerfield Corporation for the year ended 2021:

Continuing operations:
Net sales	6,500,000
Cost and expenses (including income taxes)	5,720,000
Other data:
Current-year profit generated by segment of the business discontinued in August (net of income taxes)	542,100
Gain on disposal of discontinued segment (net of income taxes)	185,900
Prior-period adjustment (decrease in prior years' income net of tax benefit)	347,100
Extraordinary loss (net of income tax benefit)	325,000
Cash dividends declared	520,000

Instructions:

a. Prepare a condensed income statement for the year ended December 31, 2021, including earnings per share figures. The company had 100,000 shares of a single class of capital stock outstanding throughout the year.

b.2 Prepare a statement of retained earnings for the year ended December 31, 2021. As originally reported, retained earnings at December 31, 2018, amounted to 6,135,000.

c. Assume that 2022 earnings per share is a single figure and amounts to 8.00. Assume also that there are no changes in outstanding capital stock in 2022. Do you consider the 8.00 earnings per share figure in 2022 to be a favorable or unfavorable figure in comparison with 2021 performance? Explain.