Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac

Exercise 56

Income statement and earnings per share for extraordinary items and discontinued operations
Apex Inc. reports the following for a recent year:

Income from continuing operations before income tax Extraordinary property loss from hurricane Loss from discontinued operations Weighted average number of shares outstanding Applicable tax rate *Net of any tax effect.
a. Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax.
b. Calculate the earnings per common share for Apex Inc., including per-share amounts for unusual items.