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Income Statement and Earnings Per Share
Shown Below Is Information

Question 102

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Income statement and earnings per share
Shown below is information relating to operations of Laconia, Inc., for 2009:
 Contiruing operations:  Sales $7,620,000 Cost ard experses (including income taxes) $3,750,000 Other data:  Current-year profit generated by seprnent of the business  discontinued in April (net of income taxes) $420,000 Gain on disposal of discontirued segment (net of income  taxes) $108,000 Retrospective restatement (decrease in prior years profit net  of tax benefit) $168,000 Extraordirary loss (net of incorne tax benefit) $96,000 Cash dividends declared ($1.5per share) $150,000\begin{array}{|l|l|}\hline\text { Contiruing operations: }\\\hline \text { Sales } & \$ 7,620,000 \\\hline \text { Cost ard experses (including income taxes) } & \$ 3,750,000 \\\hline \text { Other data: } & \\\hline \begin{array} { l } \text { Current-year profit generated by seprnent of the business } \\\text { discontinued in April (net of income taxes) }\end{array} & \$ 420,000 \\\hline \begin{array} { l } \text { Gain on disposal of discontirued segment (net of income } \\\text { taxes) }\end{array} & \$ 108,000 \\\hline \begin{array} { l } \text { Retrospective restatement (decrease in prior years profit net } \\\text { of tax benefit) }\end{array} & \$ 168,000 \\\hline \text { Extraordirary loss (net of incorne tax benefit) } & \$ 96,000 \\\hline \text { Cash dividends declared (\$1.5per share) } & \$ 150,000 \\\hline & \\\hline\end{array} In the space provided, complete the income statement for Laconia, Inc., including earnings-per-share figures. Laconia has 100,000 shares of a single class of ordinary share outstanding throughout the year. LACONIA, INC.
Condensed Income Statement
For the Year Ended December 31, 2009

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