During 2009, Newfoundland Corp. earned income from continuing operations of ($ 135,000). The company also sold a

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During 2009, Newfoundland Corp. earned income from continuing operations of \(\$ 135,000\). The company also sold a segment of the business (discontinued operations) at a loss of \(\$ 30,000\) and had an extraordinary gain of \(\$ 10,000\). At year-end, Newfoundland had an unrealized loss on investments of \(\$ 5,000\).

1. Compute Newfoundland's net income and comprehensive income for 2009. All amounts are net of income taxes. 

2. What final EPS figure should Newfoundland report for 2009? Name the item and show its amount. Newfoundland had 57,500 shares of common stock (and no preferred stock) outstanding. 

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Accounting

ISBN: 9780132439602

7th Edition

Authors: Charles T. Horngren, Walter T. Harrison

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