The Following Information Is from D'Angelo Corporation's 2010 Trial Balance

Essay

The following information is from D'Angelo Corporation's 2010 trial balance. All balances are normal balances.

Required:
a. Prepare, in good form, the income or loss from continuing operations section of D'Angelo Corp.'s income statement.
b. Prepare, in good form, the nonrecurring items section(s) of D'Angelo Corp.'s income statement. Nonrecurring items are taxed or are tax deductible at 20%.
c. What is D'Angelo's 2010 net income?
d. Information on D'Angelo Corp.'s common stock transactions during 2010 are as follows:
Jan. 1 180,000 shares
March 1 Issued 30,000 shares
Nov. 1 Purchased 12,000 shares in the market for treasury stock
Determine the weighted average number of common shares outstanding and the earnings per share for net income for D'Angelo Corp. for 2010. (Round to the nearest cent.)