Question: Leadbetter Inc. reports the following for 2012: Income from continuing operations before income tax . $766,250 Extraordinary property loss from hurricane ...... $60,000* Gain from

Leadbetter Inc. reports the following for 2012:

Income from continuing operations before income tax . $766,250

Extraordinary property loss from hurricane ...... $60,000*

Gain from discontinued operations ........ $180,000*

Applicable tax rate .................. 40%


*Net of any tax effect.

a. Prepare a partial income statement for Leadbetter Inc. beginning with income from continuing operations before income tax.

b. Assuming 75,000 shares, calculate the earnings per common share for Lead-better Inc. including per-share amounts for unusual items.


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