Question

Brief Exercise 4-5 (Algo) Income from continuing operations [LO4-3, 4-5]

The following are partial income statement account balances taken from the December 31, 2021, year-end trial balance of White and Sons, Inc.: restructuring costs, $470,000; interest revenue, $57,000; before-tax loss on discontinued operations, $570,000; and loss on sale of investments, $67,000. Income tax expense has not yet been recorded. The income tax rate is 25%.

Prepare the lower portion of the 2021 income statement beginning with $885,000 income from continuing operations before income taxes. Include appropriate EPS disclosures. The company had 100,000 shares of common stock outstanding throughout the year. (Amounts to be deducted should be indicated with a minus sign. Round "EPS" answers to 2 decimal places.)
  

WHITE AND SONS, INC.
Partial Income Statement
For the Year Ended December 31, 2021
Income from continuing operations before income taxes	not attempted
Income tax expense selected answer correct	not attempted
Loss on discontinued operations selected answer incorrect	not attempted
Loss on discontinued operations (net of tax) selected answer incorrect	not attempted
Income from continuing operations	not attempted
not attempted	not attempted
Net income (loss)	not attempted
Earnings per share:
Income from continuing operations selected answer correct	not attempted
Loss on discontinued operations selected answer correct	not attempted
Net income (loss)	not attempted

Answer 1