Presented below are chosen amounts from the records of McGraw Corporation as of December 31, 2012.
| Cash |
|
$66,000 |
| Administrative expenses |
|
103,700 |
| Selling expenses |
|
83,100 |
| Net sales |
|
541,300 |
| Cost of goods sold |
|
265,600 |
| Cash dividends declared (2012) |
|
24,400 |
| Cash dividends paid (2012) |
|
16,900 |
| Discontinued operations (loss before income taxes) |
|
49,900 |
| Depreciation expense, not recorded in 2011 |
|
35,000 |
| Retained earnings, December 31, 2011 |
|
97,800 |
Effective tax rate 30%
|
Make a partial income statement beginning with the income from continuing operations before income tax, and including appropriate earnings per share information. Assume 19,700 shares of common stock were outstanding during 2012.