Question

Gallant Company reported net income of $2,500,000. The income statement included a $200,000 loss on discontinued...

Gallant Company reported net income of $2,500,000. The income statement included a $200,000 loss on discontinued operations, after applicable income tax. There were 100,000 shares of $10 par common stock and 40,000 shares of 4% preferred stock of $100 par outstanding throughout the current year.

Required:

Prepare the earnings per share section of Gallant Company's income statement. If required, round your answers to the nearest cent.

Gallant Company
Income Statement
Earnings per common share:
$
Net income $
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