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P4-3 Answer and Step-by-Step Solution

(Irregular Items) Tony Rich Inc. reported income from continuing operations before taxes during 2007 of $790,000. Additional transactions occurring in 2007 but not considered in the $790,000 are as follows.

Instructions

Prepare an income statement for the year 2007 starting with income from continuing operations before taxes. Compute earnings per share as it should be shown on the face of the income statement. Common shares outstanding for the year are 80,000 shares. (Assume a tax rate of 30% on all items, unless indicated otherwise.) (Weygandt, Kimmel, Kieso, Warfield, 2007)


P4-3 - Tony Rich Inc Accounting Problem -

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