Gallant Company reported net income of $2,500,000. The income statement included one extraordinary item: a $500,000 gain from condemnation of land and a $200,000 loss on discontinued operations, both after applicable income tax.
There were 100,000 shares of $10 par common stock and 40,000 shares of $4 preferred stock outstanding throughout the current year.
Required: Prepare the earnings per share section of Gallant Company

Explanation:

Income from contunuing operations:

Net income 2,500,000

Less: gain from condemnation of land 500,000

Add: loss on discontinued operations 200,000

Income from contunuing operations 2,200,000

Earcnings per common share [(2,200,000-160,000)/100,000]

EPS Income statement

Earcnings per common share $20.40

Less: loss on discontinued operations $2 (200,000/100,000)

Add: gain from condemnation of land $5 (500,000/100,000)

Net income $23.40

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