Problem 9-26 Page 26326.Kagawa CompanyIncome StatementF

Problem 9-26 Page 26326.Kagawa CompanyIncome StatementFor the year ended December 31 2009Net Sales- $660000Cost of Goods Sold- $370000Gross Profit- $290000Operating Expenses- $134000 Income from Continuing Operations (before taxes) 156000Income Taxes Current Deferred Income from Continuing OperationsDiscontinued Operations:Operating Income (net of tax)- $64000Gain on Sale of Assets (net of tax)- $55000Income Before Extraordinary Items-$119000Flood Loss (net of tax)-$167000 Net IncomeEarnings Per Share:Income from Continuing Operations$0.62Income from Discontinued Operations 0.48Income Before Extraordinary Items$1.10Extraordinary Loss (0.67)Net Income$0.43
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