Problem:
For the year ended December 31, Southern Supply had net sales of $7,310,000, costs and other expenses (including income tax) of $5,890,000, and an extraordinary gain (net of income tax) of $420,000.
Required:
Question: Prepare a condensed income statement (including earnings per share), assuming that 910,000 shares of common stock were outstanding throughout the year.
Note: Please show the work not just the answer.