How do you find the income before extraordinary items?
All I am given is the extraordinary gain is 3,000,000 -
- Net Sales $18,000
- Interest Income $200
- Interest Expense $350
- Extraordinary gain $3,000
- Cost of goods sold $10,500
- Selling and administrative expense $2,500
- Restructuring costs $800
In addition, during the year the company completed the disposal of its plastics buisness and incurred a loss from operations of $1.6 million and a gain on disposal of the component's assets of $2 million. 500,000 shares of common stock were outstanding throughout 2013. Income tax expense has not yet bee accrued. The income tax rate is 30% on all items of income (loss).