Answer:
Net income $10,285,800
Earnings per share $1.03
Explanation:
Preparation of a partial income statement for Skysong beginning with income from continuing operations.
Income from continuing operations $10,811,000
Discontinued operations
Loss from operation of discontinued
restaurant division (net of tax)
$319,800
Loss from disposal of restaurant
division (net of tax)
$205,400
Net income $10,285,800
($10,811,000-$319,800-$205,400)
EARNING PER SHARES
Income from continuing operations $1.08
($10,811,000/10,000,000 shares)
Less Discontinued operations, net of tax (0.05)
[($319,800+$205,400)/$10,285,800]
Net income $1.03
($1.08-0.05)