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Unformatted text preview: P4-3 Tony Rich, Inc. Income Statement For Year Ended December 31, 2007 Income from continuing operations before tax Before income tax $ 790,000 Income tax 237,000Income from continuing operations $ 553,000 Discontinued operations Loss on disposal of recreational division $115,000 Less: applicable income tax reduction 34,50080,500 115,000 X 30% Income before extraordinary item and other revenues and gains 472,500 Extraordinary item Flood loss 80,000 Less: applicable income tax reduction 46% 36,80043,200 80,000 X 46% Other revenues and gains Gains from proceeds of life insurance policy 64,000 110,000 – 46,000 Net Income $ 365,300 Per share of common stock Income from continuing operations $ 6.91 Loss on disposal operation, net of tax 1.01 Income before extraordinary items 5.91 Extraordinary loss, net of tax .54 Other revenues and gains .80 Net Income $ 4.57 P4-3 Tony Rich, Inc. Income Statement For Year Ended December 31, 2007 Income from continuing operations before tax Before income tax $798,500...
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This note was uploaded on 03/01/2012 for the course ACC all taught by Professor All during the Spring '12 term at University of Phoenix.
- Spring '12
- Income Statement