The following are partial income statement account balances taken from the December 31 2009 year-end trial balance of White and Sons Inc.:
Loss from earthquake (unusual and infrequent)
Loss on sale of investments
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 $850000 income before income taxes and extraordinary item. Include appropriate basic
EPS disclosures. The company had 100000 shares of common stock outstanding throughout the year.