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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