Question: Presented below is information related to Dane Company for the year ending December 31, 2014. Income from continuing operations before tax ...................... 385,000 Dividends declared

Presented below is information related to Dane Company for the year ending December 31, 2014.

Income from continuing operations before tax ...................... 385,000

Dividends declared and paid.................................................. 24,000

Loss from discontinued operations ....................................... 80,000

Unrealized holding gain on available-for-sale investments .. 50,000

Dane’s income tax rate on all items is 25%, and Dane had 100,000 common shares outstanding throughout the year.

a. Prepare a partial Income Statement for Dane Company for the year ended December 31, 2014, beginning with Income from Continuing Operations before Tax. Be sure to include appropriate earnings per share disclosures.

b. Prepare a Statement of Comprehensive Income for Dane Company for the year ended December 31, 2014.

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