Accounting records of Kagawa Company at the end of 2009
Net sales, $660,000
Operating income (from discontinued operations), $64,000
Cost of goods sold, $370,000
Gain on sale of assets (from discontinued operations), $55,000
Operating expenses, $134,000
Flood loss, $167,000
Kagawa had 150,000 shares of common stock issued and outstanding throughout the year
Kagawa's effective tax rate is 40% and is based in an area that does not normally experience floods. Kagawa's taxable income from the tax return is $100,000.
Required: prepare an income statement for Kagawa company for 2009, including an earnings-per-share section.