During the current year, Sports +, Inc., operated two business segments: a chain of surf and dive shops and a small chain of tennis shops. The tennis shops were not profitable and were sold near year-end to another corporation. Sports + operations for the current year are summarized below. The first two captions, "Net sales" and "Costs and expenses," relate only to the company's continuing operations.
- Net sales- $12,500,000
- Costs and expenses (including applicable income tax)- $8,600,000
- Operating loss from tennis shops (net of income tax)- $192,000
- Loss on sale of tennis shops (net of income tax)- $348,000
The company had 182,000 shares of a single class of capital stock outstanding throughout the year.
a. Prepare a condensed income statement for the year. At the bottom of the statement, show any appropriate earnings per share figures