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  3. 1 in 2017 cullumber corp sold equipment for 36200 the...

Question: 1 in 2017 cullumber corp sold equipment for 36200 the...

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1. In 2017, Cullumber Corp. sold equipment for $36,200. The machine had originally cost $81,900 and had accumulated depreciation of $34,800. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,500 before taxes. Assume that this transaction meets the criteria for discontinued operations. 3. An internal audit discovered that amortization of intangible assets was understated by $39,200 (net of tax) in a prior period. The amount was charged against retained earnings. 4. The company had a non-recurring gain of $125,500 on the condemnation of some of its property (included in the $1,221,100) Analyze the above information and prepare an income statement for the year 2017, starting with income from continuing operations before income tax. Compute earnings per share as it should be shown The loss from operations of the discontinued subsidiary was $92,300 before taxes; the loss from disposal of the subsidiary was $99,200 before taxes. on the face of the income statement. (Assume a total effective tax rate of 38% on all items, unless otherwise indicated.) (Round earnings per share to 2 decimal places, e.g. 1.47.) CULLUMBER CORP Income Statement (Partial) or the Year Ended December 31, 201 210,200 59,876 750,324 ncome From Continuing Operations Before Income Tax ncome Tax Expens ncome From Continuing Operation scontinued Operation ss from Operations of Discontinued Subsidlany$2,300 licable Income Tax Reductio ss from Disposal of Subsidiar 9,20 licable Income Tax Reductio 7,69 1,50 18730 631594 Income From Continuin ncome From Continuin ncome From Continuing Operation 125500 Gain on Condemnation 47690 709404

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