Your answer is partially correct. Try again. Skysong Corp. has 149,550 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,220,400. Additional transactions not considered in the $1,220,400 are as follows. 1. 2. In 2020, Skysong Corp. sold equipment for $37,000. The machine had originally cost $84,800 and had accumulated depreciation of $32,200. The gain or loss is considered non-recurring. The company discontinued operations of one of its subsidiaries during the current year at a loss of $197,000 before taxes. Assume that this transaction meets the criteria for discontinued operations. The loss from operations of the discontinued subsidiary was $94,300 before taxes; the loss from disposal of the subsidiary was $102,700 before taxes. An internal audit discovered that amortization of intangible assets was understated by $36,000 (net of tax) in a prior period. The amount was charged against retained earnings. The company recorded a non-recurring gain of $126,200 on the condemnation of some of its property (included in the $1,220,400). 3. 4. Analyze the above information and prepare an income statement for the year 2020, starting with income from continuing operations before income tax. Compute earnings per share as it should be shown on the face of the income statement. (Assume a total effective tax rate of 19% on all items, unless otherwise indicated.) (Round earnings per share to 2 decimal places, e.g. 1.47.) Analyze the above information and prepare an income statement for the year 2020, starting with income from continuing operations before income tax. Compute earnings per share as it should be shown on the face of the income statement. (Assume a total effective tax rate of 19% on all items, unless otherwise indicated.) (Round earnings per share to 2 decimal places, e.g. 1.47.) SKYSONG CORP. Income Statement (Partial) December 31, 2020 11204600 Tincome From Continuing Operations Before Income Tax Income Tax 1228874 1975726 Income From Continuing Operations Discontinued Operations Toss from Operations of Discontinued Subsidiary Yess Applicable Income Tax Reduction Loss from Disposal of Subsidiary Less Applicable Income Tax Reduction 524300 77917 576383 1027oC 19513 783187 159570 Net Income / (Loss) 1828951 Earnings Per Share: Income From Continuing Operations T11220400 Discontinued Operations, Net of Tax Net Income / (LOS) T1220400 Question Attempts: 1 of 3 used