You were recently hired as the assistant treasurer for Victor, Inc. Yesterday, the treasurer was injured in a bicycle accident and is now hospitalized, unconscious. Your boss, Mr$.$ Fernandes, just informed you that the financial statements are due today. Searching through the treasurer's desk, you find the following notes:

a$.$ Income from continuing operations, based on computations done so far, is $$400,000.$ No taxes are accounted for yet. The tax rate is $30\%.$

b$.$ Dividends declared and paid were $$20,000.$ During the year, $100,000$ shares of stock were outstanding.

C$.$

The corporation experienced an uninsured $$20,000$ pretax loss from a freak hailstorm. Such a storm is considered to be unusual and infrequent.

d$.$ The company decided to change its inventory pricing method from average cost to the FIFO method.

The effect of this change is to increase prior years' income by $$30,000$ pretax. The FIFO method has been used for $2008.($Hint: This adjustment should be placed just prior to net income.$)$

e$.$ In $2008,$ the company settled a lawsuit against it for $$10,000$ pretax. The settlement was not previously accrued and is due for payment in February $2009.$

f$.$ In $2008,$ the firm sold a portion of its long$-$term securities at a gain of $$30,000$ pretax.

g$.$ The corporation disposed of its consumer products division in August $2008,$ at a loss of $$90,000$ pretax. The loss from operations through August was $$60,000$ pretax.

Prepare an income statement for $2008,$ in good form, starting with income from continuing operations.

Compute earnings per share for income from continuing operations, discontinued operations, extraordinary loss, cumulative effect of a change in accounting principle, and net income.