Return to the Gala Fruit Corp. data in Starter 14-10. Gala Fruit had 10,000 common shares outstanding on January 1, 2014. Gala Fruit declared and paid preferred dividends of $1,500 during 2014. In addition, Gala Fruit paid a 20 percent common stock dividend on June 30. Show how Gala Fruit Corp. reported EPS data on its 2014 income statement.

Data from 14-10

Gala Fruit Corp’s accounting records include the following items, listed in no particular order, at December 31, 2014.

Other gains (losses) Cost of goods sold $(12,500) Net sales revenue Operating expenses $100,000 35,000 30,000 9,500 Accounts receivable Gain on discontinued 7,500 operations