The following are partial income statement account balances

The following are partial income statement account balances taken from the December 31, 2018, year-end trial balance of White and Sons, Inc.: restructuring costs, $390,000; Interest revenue, $49,000; before-tax loss on discontinued operations, $490,000, and loss on sale of investments, $59,000 income tax expense has not yet been recorded. The income tax rate is 40%. Prepare the lower portion of the 2018 Income statement beginning with $895,000 Income from continulng operations before Income taxes. Include appropriate EPS disclosures. The company had 150,000 shares of common stock outstanding throughout the year. (Amounts to be deducted should be Indicated wlth a minus sign. Round \"EPS\" answers to 2 decimal pleces.) WHITE AND SONS, INC. Partial Income Statement For the Year Ended December 31, 2018 Income from continuing operations before income taxes 895,000 me tax expense 358,000 Income from continuing operations Loss on discontinued operations Net income Earnings per share Income from continuing operations Loss on discontinued operations Net income

Solution

WHITE AND SONS, INC. Partial Income Statement For the Year Ended December 31, 2018 Income from contimuing operations before income taxes $895,000 Income tax expense*      358,000 Income from contimuing operations    537,000 Loss from discontinued operations: Loss from discontinued operations, net of tax benefits (294,000) Net income      243,000 Earnings per share: Income from contimuing operations $      3.58 Loss on discontinued operations        (1.96) Net income   $      1.62 *$895,000 x 40% Note: Restructuring costs, interest revenue, and loss on sale of investments are included in income from contimuing operations before income taxes.