Skysong Corporation had income from operations of $6,503,700. In addition, it suffered an unusual and infrequent pretax loss of $789,900 from a volcano eruption, interest revenue of $18,630, and a write-down on buildings of $56,090. The corporation's tax rate is 30%. Prepare a partial income statement for Crane beginning with Income from operations. The corporation had 4,958,200 shares of common stock outstanding during 2020. (Round earnings per share to 2 decimal places, e. g. 1.48.)

Question

Kaylin Ryan

Business

23 February, 17:45

Skysong Corporation had income from operations of $6,503,700. In addition, it suffered an unusual and infrequent pretax loss of $789,900 from a volcano eruption, interest revenue of $18,630, and a write-down on buildings of $56,090. The corporation's tax rate is 30%. Prepare a partial income statement for Crane beginning with Income from operations. The corporation had 4,958,200 shares of common stock outstanding during 2020. (Round earnings per share to 2 decimal places, e. g. 1.48.)

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Kenyon Good · Answer 1

net income 3,973,438

EPS 0.80

Explanation:

income from operations 6,503,700

non-operating income and losses

interest revenue 18,630

building holding loss (56,090)

volcano eruption loss (789,900)

earnings before taxes 5,676,340‬

tax expense 30% (1,702,902‬)

net income 3,973,438‬

earnings per share: 3,973,438 / 4,958,200 = 0,80138719