43405000 income tax expense 10851250 income from

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43,405,000Income tax expense10,851,250Income from continuing operations 32,553,750Discontinued operations:Income from operations of discontinued component (including gain on disposal of $14,000,000)19,000,000Income tax expense(4,750,000)Income from discontinued operations14,250,000Net income46,803,750Other comprehensive income, net of taxUnrealized gain on debt securities45,000Foreign currency translation adjustment loss(30,000)Total other comprehensive income15,000Comprehensive income46,818,750$ Earnings per share—basic:Income from continuing operations16.03$ Discontinued operations7.12Net income23.15$ The answers to the questions for Requirement 2 are on the next page.
Below are the answers to the questions for Requirement 2.Q1-What is Langston’s income from continuing operations before income taxes for 20X7?
Q2- What is income tax expense?
Q3-What is income from continuing operations?
Q4-What amount would Langston report for income from discontinued operations in 20X7?
Q5-What is net income?
Q6-What is earning per share (EPS)?
Q7-What is earnings per share for discontinued operations?
Q8-What is total other comprehensive income
Q9-What amount should Langston report as comprehensive income for the year ended 12/31/X7?
Alternate Presentation - Discontinued OperationsThe results from discontinued operations are presented on the income statementbelowincome from continuing operations, net of tax; that is, net of income tax expense or income tax benefit if a loss results. Determining the amount(s) to report as discontinued operations involves the following steps:Step 1, determine whether the division being disposed of qualifies to be reported as a discontinued operationIs the Textile Division a component of an entity, or a group of components of an entity, or a business or nonprofit activity? .

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