Question

Leadbetter Inc. reports the following for 20Y3:
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 Leadbetter Inc. including per-share amounts for unusual items.



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  • CreatedMarch 11, 2014
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