Question: The following are partial income statement account balances take
The following are partial income statement account balances taken from the December 31, 2011, year-end trial balance of White and Sons, Inc.: restructuring costs, $300,000; interest revenue, $40,000; loss from earthquake (unusual and infrequent), $400,000; and loss on sale of investments, $50,000. Income tax expense has not yet been accrued. The income tax rate is 40%. Prepare the lower portion of the 2011 income statement beginning with $850,000 income before income taxes and extraordinary item. Include appropriate basic EPS disclosures. The company had 100,000 shares of common stock outstanding throughout the year.
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