The following are partial income statement account balances taken from the December 31, 2009, year-end trial balance of White and Sons, Inc.:
|
Restructuring costs
|
300,000
|
|
Interest revenue
|
40,000
|
|
Loss from earthquake (unusual and infrequent)
|
400,000
|
|
Loss on sale of investments
|
50,000
|
Income tax expense has not yet been accrued. The income tax rate is 40%.
Prepare the lower portion of the 2009 income statement beginning with $850,000 income before income taxes and extraordinary item. Include appropriate basic EPS disclosures. The company had 100,000 shares of common stock outstanding throughout the year.