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)||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.
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