Response to the following problem:
Pallest Corporation reported the following pretax information for its current fiscal year:
$40,000 income from continuing operations and an $8,000 extraordinary loss.
Pallest is subject to a 30% income tax rate and had 8,000 shares of common stock outstanding for the year.
Starting with pretax income from continuing operations, prepare a partial income statement for Pallest Corporation for the current year. Be sure to include earnings per share information.