Presented below is the pretax information for Aloma Corporation, for the year 2012:
|
Sales
|
$6,000,000
|
|
Cost of goods sold
|
2,950,000
|
|
Interest revenue
|
60,000
|
|
Loss from abandonment of plant assets
|
300,000
|
|
Selling expenses
|
600,000
|
|
Administrative expenses
|
440,000
|
|
Unusual and infrequent loss from earthquake
|
90,000
|
|
Gain on disposal of a segment of the business. The corporation will no longer be in that business in the future.
|
290,000
|
Instructions:
Present all applicable information in a proper format (according to GAAP), to prepare a multiple step income statement. The company has 300,000 shares outstanding and a federal tax rate of 30%. Prepare an EPS section in proper format (round to two decimals). Use the answer sheet provided.