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Skysong Corp. has 149.550share of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of 51.220,400. Additional transactions not considered in the 51.220.400 are as follows.
1. In 2020, Skysong Corp. sold equipment for 537.000. The machine had originally cost 584,800 and had accumulated depreciation of 332,200. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of iis subsidia ries during the cu rrent year at a loss of 5197.000before taxes. Assume that this transaction meets the criteria for discontinued operations. The loss from operations of the discontinued subsidiary was 594.300 before taxes; the loss from disposal of the subsidiary was 5102,700 before taxes. 3. An internal audit discovered that amortization of intangible assets was understated by S36.000 (net of tax) in a prior period. The amount was charged against retained earnings. 4. The company recorded a nonrecurring gain of 5126,200 on the condemnation of some of its property (induded in the 51,220,400).
Analyze the above information and prepare an income statement for the year 2020. sta rti ngwith income from continuing operations before income tax Compute earrings per share as it should be shown on the face of the income statement. (Assume a total effective tax rate of 19% on all items. unless otherwise indicated.) (Round earnings per shore to 2 decimal places. eg. t47.)