CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT Problem 4-03 Sheridan Inc. reported income from continuing operations before taxes during 2020 of $804,900. Additional transactions occurring in 2020 but not considered in the $804,900 are as follows. 1 The corporation experienced an uninsured flood loss in the amount of $93,900 during the year At the beginning of 2018, the corporation purchased a machine for $70,200 (salvage value of $11,700) that had a useful life of 6 years. The bookkeeper used straight-line depreciation for 2018, 2019, and 2020, but failed to deduct the salvage value in computing the depreciation base. 2. NEXT BACK CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION compuung ne depreciaiION Dase. 3. Sale of securities held as a part of its portfolio resulted in a loss of $58,400 (pretax) When its president died, the corporation realized $159,600 from an insurance policy. The cash surrender value of this policy had been carried on the books as an investment in the amount of $47,530 (the gain is nontaxable). The corporation disposed of its recreational division at a loss of $117,100 before taxes. Assume that this transaction meets the criteria for discontinued operations 5. nt CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT T17,100 before taxes. Assume that this transaction meets the criteria for discontinued operations. The corporation decided to change its method of inventory pricing from average-cost to the FIFO method. The effect of this change on prior years is to increase 2018 income by $60,600 and decrease 2019 income by $21,510 before taxes. The FIFO method has been used for 2020. The tax rate on these items is 30% 6. Prepare an income statement for the year 2020 starting with income from continuing operations before taxes. Compute earnings per share as it should be shown on the face of the income statement. Common shares ent NEXT CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION 4BACK SHERIDAN INC. Income Statement (Partial) $ $ Ppen Assignment NEXT CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION K ESOURCES Chapter 4 S a-b (Part Level $ by Study $ $ Open Show Work Click if you would like to Show Work for this question: co. CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT Problem 4-03 Sheridan Inc. reported income from continuing operations before taxes during 2020 of $804,900. Additional transactions occurring in 2020 but not considered in the $804,900 are as follows. 1 The corporation experienced an uninsured flood loss in the amount of $93,900 during the year At the beginning of 2018, the corporation purchased a machine for $70,200 (salvage value of $11,700) that had a useful life of 6 years. The bookkeeper used straight-line depreciation for 2018, 2019, and 2020, but failed to deduct the salvage value in computing the depreciation base. 2. NEXT BACK CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION compuung ne depreciaiION Dase. 3. Sale of securities held as a part of its portfolio resulted in a loss of $58,400 (pretax) When its president died, the corporation realized $159,600 from an insurance policy. The cash surrender value of this policy had been carried on the books as an investment in the amount of $47,530 (the gain is nontaxable). The corporation disposed of its recreational division at a loss of $117,100 before taxes. Assume that this transaction meets the criteria for discontinued operations 5. nt CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT T17,100 before taxes. Assume that this transaction meets the criteria for discontinued operations. The corporation decided to change its method of inventory pricing from average-cost to the FIFO method. The effect of this change on prior years is to increase 2018 income by $60,600 and decrease 2019 income by $21,510 before taxes. The FIFO method has been used for 2020. The tax rate on these items is 30% 6. Prepare an income statement for the year 2020 starting with income from continuing operations before taxes. Compute earnings per share as it should be shown on the face of the income statement. Common shares ent NEXT CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION 4BACK SHERIDAN INC. Income Statement (Partial) $ $ Ppen Assignment NEXT CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION K ESOURCES Chapter 4 S a-b (Part Level $ by Study $ $ Open Show Work Click if you would like to Show Work for this question: co