Gallant Company Reported Net Income of $2,500,000

Essay

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.​Prepare the earnings per share section of Gallant Company's income statement.