Acc304 Intermediate Accounting BE4-5 Separately reported items The foll

Acc304 Intermediate Accounting

BE4-5 Separately reported items

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

300000

Interest revenue

40000

Loss from earthquake (unusual and infrequent)

400000

Loss on sale of investments

50000

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.