ACC 304 Intermediate Accounting: BE4-5 Separately reported items

The following are partial income statement account balances taken from the December 31, 2009, year-end trial balance of White and Sons, Inc.:

Income tax expense has not yet been accrued. The income tax rate is 40%.

Prepare the lower portion of the 2009 income statement beginning with $850,000 income before income taxes and extraordinary item. Include appropriate basic EPS disclosures. The company had 100,000 shares of common stock outstanding throughout the year.