Mangold Corporation reported income from continuing operations of $78,400 and an

Question

Mangold Corporation reported income from continuing operations of $78,400 and an extraordinary loss (net of taxes) of $6,400 for the current year. Mangold had 80,000 common shares outstanding for the entire year. Hide Show how Mangold Corporation would report its earnings per share for the current year. Round your answers to two decimal places.

MANGOLD CORPORATION Income Statement (Partial) For Year Ended December 31, Current Year

Earnings per Common Share (80,000 common shares)

Income from continuing operations $

Extraordinary loss Net income $

Net Income

Explanation / Answer

EPS = Net Income available for Common Stockholder / number of shares outstanding

= $72000 / 80000

= $0.90 per share

Note: Net Income available for Common Stockholder = $78400 - $6400

= $ 72000

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