Ex$.4-110$Income computations. $($LO $2,4)$

Presented below is financial information of the Martin Corporation for $2020.$

Gain on the sale of investments $160,000$

Net sales $45,000,000$

Cost of goods sold $31,000,000$

Loss on disposal of wholesale division $670,000$

Interest revenue $105,000$

Loss on operations of wholesale division $690,000$

Selling and administrative expenses $8,200,000$

Dividends declared on common stock $340,000$

Write off of goodwill $780,000$

Dividends declared on preferred stock $120,000$

Effective tax rate on all items is $20\%$

Martin Corporation decided to discontinue its wholesale operations and to retain their manufacturing operations. On July $1,$ Martin sold the wholesale operations. During $2020,$ there were $800,000$ shares of common stock outstanding all year.

Instructions

Compute each of the following.

$1.$ Income from operations

$2.$ Income before income tax

$3.$ Income from continuing operations

$4.$ Net income

$5.$ Earnings per share