Use the following information to compute income from continuing operations. Assume that the income tax rate on all items is 40%.
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,000
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,100
Income (loss) from discontinued operations . . . . . . . . . (1,000)
Selling and administrative expense . . . . . . . . . . . . . . . . 1,750
Extraordinary loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (400)
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700
Loss on sale of discontinued operations . . . . . . . . . . . . (200)