The items at the top of the opposite page are components of Munsey Company's income statement for the year ended December 31, 20xx. Recast the income statement in proper multistep form, including allocating income taxes to appropriate items (assume a 30 percent income tax rate) and showing earnings per share figures (200,000 shares outstanding).
Sales............................................................... $1,110,000
Cost of goods sold................................................. (550,000)
Operating expenses................................................ (225,000)
Restructuring....................................................... (110,000)
Total income taxes expense for period.......................... (179,100)
Income from operations of a discontinued segment............ 160,000
Gain on disposal of segment....................................... 140,000
Extraordinary gain..................................................... 72,000
Net income.......................................................... $ 417,900
Earnings per share...................................................... $ 2.09