From the Following Data for Norton Company for the Year

Essay

From the following data for Norton Company for the year ended December 31, prepare a multiple-step income statement. Include the earnings per share presentation on the income statement.
​ $\begin{array}{lr}\text { Common stock } \$ 50 \text { par } & \$ 200,000 \\\text { Cost of goods sold } & 342,000 \\\text { Administrative expenses } & 48,250 \\\text { Income tax (applicable to continuing operations) } & 142,000 \\\text { Interest expense } & 3,750 \\\text { Loss on discontinued operations, } & \\\text { net of applicable tax of } \$ 2,700 & 5,400 \\\text { Sales } & 865,000 \\\text { Selling expenses } & 83,000\end{array}$