The following information is taken from the current year financial statements of Cardinal Manufacturing Corporation. (Dollar figures and shares of stock are in thousands.) The first three items are net of applicable income tax. The loss from continuing operations does not include the loss from lawsuit.
Loss from lawsuit (unusual and infrequent).............................................$ (17,500)
Loss from continuing operations............................................................(38,940)
Income from discontinued operations........................................................24,000
Preferred stock dividend requirements......................................................(6,200)
Weighted-average number of shares of common stock outstanding.....................10,000
Instructions
a. Rearrange the items to present in good form the last portion of the income statement for Cardinal Manufacturing Corporation, beginning with "Loss from continuing operations."
b. Calculate the amount of net loss per share for the period. (Do not calculate per-share amounts for subtotals, such as income from continuing operations. You are required to compute only a single earnings per share amount.)