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The net income reported on the income statement of Styx Co
The net income reported on the income statement of Styx Co. was $3,200,000. There were 250,000 shares of $5 par common stock and 250,000 shares of $1 preferred stock outstanding throughout the current year. The income statement included two extraordinary items: a $700,000 gain from condemnation of land and a $350,000 loss arising from flood damage, both after applicable income tax. Determine the per-share figures for common stock for
(a) Income before extraordinary items and
(b) Net income.
Expert Solution
a. Earnings per share on income before extraordinary items:
Net income................................................................................. $3,200,000
Less gain on condemnation........................................................ (700,000)
Plus loss from flood damage...................................................... 350,000
Income before extraordinary items............................................ $2,850,000
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