Leadbetter Inc. reports the following for 2012: Income from continuing operations before income tax . $766,250 Extraordinary

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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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Survey of Accounting

ISBN: 978-1133189121

6th edition

Authors: Carl S Warren

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Question Posted: Feb 04, 2014 07:58 AM

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Leadbetter Inc. reports the following for 2012: Income from continuing operations before income tax . $766,250 Extraordinary

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a b 1 613 459750 75000 2 240 180000 75000 3 080 60000 75000 Income from continuing ...View the full answer

Survey of Accounting

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