a The following information was taken from the records of Te

(a)

The following information was taken from the records of Teal Inc. for the year 2017: Income tax applicable to income from continuing operations $194,310; income tax applicable to loss on discontinued operations $28,628, and unrealized holding gain on available-for-sale securities (net of tax) $16,900.

Gain on sale of equipment	$98,700	Cash dividends declared	$147,000
Loss on discontinued operations	84,200	Retained earnings January 1, 2017	589,500
Administrative expenses	243,600	Cost of goods sold	861,700
Rent revenue	46,600	Selling expenses	307,900
Loss on write-down of inventory	62,900	Sales Revenue	1,902,300

Shares outstanding during 2017 were 98,300.

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a) Teal Inc.

Income Statement

For the year ended December 31, 2017 (Amount in $)

Revenues
Sales Revenue	1,902,300
Rent Revenue	46,600
Total Revenues (A)	1,948,900
Expenses
Cost of goods sold	861,700
Selling Expenses	307,900
Administrative Expenses	243,600
Total Expenses (B)	1,413,200
Income from continuing operations before tax (C = A - B)	535,700
Income tax (D)	194,310
Income from continuing operations (E = C - D)	341,390
Discontinued Operations
Loss on discontinued operations	84,200
Less: Applicable income tax reduction	(28,628)
Net Loss from discontinued operations (F)	55,572
Income before extraordinary items (G = E - F)	285,818
Extraordinary items:
Gain on sale of equipment (H)	98,700
Loss on write-down of inventory (I)	(62,900)
Net Income (G + H - I)	321,618

Per share of Common Stock:
Income from Continuing operations ($341,390/98,300)	3.47
Loss on discontinued operations net of tax ($55,572/98,300)	(0.56)
Income before extraordinary items ($285,818/98,300)	2.91
Extraordinary gain ($98,700/98,300)	1.00
Extraordinary loss ($62,900/98,300)	(0.64)
Net Income ($321,618/98,300)	3.27

(a) The following information was taken from the records of Teal Inc. for the year 2017: Income tax applicable to income from continuing operations $194,310; in

a The following information was taken from the records of Te

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