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Skysong Corporation had income from continuing operations of $10,811,000 in 2020. During 2020, it disposed of its restaurant division at an after-tax loss of $205,400. Prior to disposal, the division operated at a loss of $319,800 (net of tax) in 2020 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Skysong had 10,000,000 shares of common stock outstanding during 2020. Prepare a partial income statement for Skysong beginning with income from continuing operations.

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Answer:

Net income $10,285,800

Earnings per share $1.03

Explanation:

Preparation of a partial income statement for Skysong beginning with income from continuing operations.

Income from continuing operations $10,811,000

Discontinued operations

Loss from operation of discontinued

restaurant division (net of tax)

$319,800

Loss from disposal of restaurant

division (net of tax)

$205,400

Net income $10,285,800

($10,811,000-$319,800-$205,400)

EARNING PER SHARES

Income from continuing operations $1.08

($10,811,000/10,000,000 shares)

Less Discontinued operations, net of tax (0.05)

[($319,800+$205,400)/$10,285,800]

Net income $1.03

($1.08-0.05)

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