Question: The net income reported on the income statement of Cutler

The net income reported on the income statement of Cutler Co. was $4,000,000. There were 500,000 shares of $10 par common stock and 100,000 shares of $2 preferred stock outstanding throughout the current year. The income statement included two extraordinary items: an $800,000 gain from condemnation of land and a $400,000 loss arising from flood damage, both after applicable income tax. Determine the per-share figures for common stock for
(a) Income before extraordinary item.
(b) Net income.


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  • CreatedFebruary 28, 2014
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