Question: Leadbetter Inc reports the following for 2012 Income from continuing

Leadbetter Inc. reports the following for 2012:
Income from continuing operations before income tax . $766,250
Extraordinary property loss from hurricane ...... $60,000*
Gain from discontinued operations ........ $180,000*
Applicable tax rate .................. 40%

*Net of any tax effect.
a. Prepare a partial income statement for Leadbetter Inc. beginning with income from continuing operations before income tax.
b. Assuming 75,000 shares, calculate the earnings per common share for Lead-better Inc. including per-share amounts for unusual items.

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  • CreatedFebruary 04, 2014
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