This preview shows pages 1–3. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: 30,000 Gain on sale of operating assets 50,000 Interest expense (40,000) Loss on sale of investments (50,000) Total other income, net (10,000) Income before income taxes 405,000 Income tax expense 130,000 Net income $255,000 EPS $2.55 Exercise 4-6 Chance Company Income Statement For the Year Ended December 15, 2006 Income from continuing operations $350,000 Discontinued operations: Loss from operations of discontinued component $(400,000) Income tax benefit 160,000 Loss on discontinued operations (240,000) Net income $110,000 EPS $1.10 Exercise 4-13 1. Net sales revenue $187,000 Interest revenue 10,200 Gain on sale 4,700 Total revenues $201,900 D. $201,900 2. C. Component of income from continuing operations, net of applicable income taxes...
View Full Document