Question: Pallest Corporation reported the following pretax information for its current
Pallest Corporation reported the following pretax information for its current fiscal year: $40,000 income from continuing operations and an $8,000 extraordinary loss. Pallest is subject to a 30% income tax rate and had 8,000 shares of common stock outstanding for the year. Starting with pretax income from continuing operations, prepare a partial income statement for Pallest Corporation for the current year. Be sure to include earnings per share information.
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