PROBLEM 4-3 Solutions

PROBLEM 4-3 Solutions - PROBLEM 4-3 MAHER INC. Income...

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PROBLEM 4-3 MAHER INC. Income Statement (Partial) For the Year Ended December 31, 2012 Income from continuing operations before income tax. .................................................... $838,500 (a) Income tax. ......................................................... 220,350 (b) Income from continuing operations. ......................... 618,150 Discontinued operations Loss from disposal of recreational division. . $115,000 Less: Applicable income tax reduction. ........ 34,500 80,500 Income before extraordinary item. ............................. 537,650 Extraordinary item: Major casualty loss. .......................................... 90,000 Less: Applicable income tax reduction. ........ 41,400 48,600 Net income. ................................................................... $489,050 Per share of common stock: Income from continuing operations. ............... $5.15* Discontinued operations, net of tax. ............... (0.67 )* Income before extraordinary items. ................ 4.48
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PROBLEM 4-3 Solutions - PROBLEM 4-3 MAHER INC. Income...

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