Problem 12.3A

Problem 12.3A - Earnings before extraordinary items(408,000...

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Phoenix INC Condensed Income Statement For the Year Ended December 31, 2007 Net Sales Cost and Expenses Income from Continuing Operations Discontinued Operations: Operating Income Loss on Disposal Income Before Extraordinary Items and Cumulative Effect of Accounting Change Extraordinary Gain Extraordinary Loss NET INCOME Earnings Per share Earnings from continuing operations: (1,080,000 ÷ 180,000 shares) Loss from discountinued operations(252,000+420,000) ÷ 180,000 shares
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Unformatted text preview: Earnings before extraordinary items(408,000 180,000) (Extraordinary Gain 36,000 - Extraordinary Loss 24,000) + 408,000/180,000 shares C. The $62,000 gain on sale means that the compnay has repurchased common stock for the amount of 62,000 and this would be reported in the stockholders equity. 10,800,000 9,720,000 1,080,000 252,000 420,000 408,000 36,000 24,000 420,000 $6.00 $3.72 $2.27 $2.33...
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This note was uploaded on 12/18/2010 for the course BME 254788 taught by Professor Mitchell during the Spring '10 term at SUNY Albany.

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Problem 12.3A - Earnings before extraordinary items(408,000...

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