From the following data for Norton Company for the year ended December 31, 2012 prepare a multiple-step income statement. Show parenthetically earnings per share for the following: income from continuing operations, loss on discontinued operations (less applicable income tax), income before extraordinary item, extraordinary item , and net income.
| Common stock, $50 par |
$200,000 |
| Cost of merchandise sold |
342,000 |
| Administrative expenses |
48,250 |
| Income tax (applicable to continuing operations) |
142,000 |
| Interest expense |
3,750 |
| Loss on discontinued operations, |
|
| net of applicable tax of $2,700 |
5,400 |
| Sales |
865,000 |
| Selling expenses |
83,000 |
| Uninsured flood loss, net of applicable |
|
| income tax of $4,500 |
14,000 |