Pallest Corporation reported the following pretax information for its current fiscal year: $40,000 income from continuing operations

Question:

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.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...