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Very similar problems please assist The following are partial income statement account balances taken from the December 31, 2016, year- end trial balance of White
Very similar problems please assist
The following are partial income statement account balances taken from the December 31, 2016, year- end trial balance of White and Sons, Inc: restructuring costs, $420,000; interest revenue, $52,000; before-tax loss on discontinued operations, $520,000 and loss on sale of investments, $62,000. Income tax expense has not yet been recorded. The income tax rate is 40%. Prepare the lower portion of the 2016 income statement beginning with $910,000 income from continuing operations before income taxes. Include appropriate basic EPS disclosures. The company had 120,000 shares of common stock outstanding throughout the year. (Amounts to be deducted should be indicated with a minus sign. Round "EPS" answers to 2 decimal places.) WHITE AND SONS, INC. Partial Income Statement For the Year Ended December 31,2016 Income from continuing operations before income taxes Income tax expense Income from continuing operations 910,000 Earnings per share: Income from continuing operations Loss on discontinued operations Net incomeStep by Step Solution
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