ACC 304 Intermediate Accounting: BE4-5 Separately reported items
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The following are partial income statement account balances taken from the December 31, 2009, year-end trial balance of White and Sons, Inc.:
Restructuring costs | 300,000 |
Interest revenue | 40,000 |
Loss from earthquake (unusual and infrequent) | 400,000 |
Loss on sale of investments | 50,000 |
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.
- 9 years ago
ACC 304 Intermediate Accounting: BE4-5 Separately reported items
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