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Gallant Company reported net income of $2,500,000. The income statement included a $200,000 loss on discontinued operations, after applicable income tax. There were 100,000 shares of $10 par common stock and 40,000 shares of 4% preferred stock of $100 par outstanding throughout the current year. Required: Prepare the earnings per share section of Gallant Company's income statement. If required, round your answers to the nearest cent. Gallant Company Income Statement   Earnings per common share:     $fill in the blank 2   fill in the blank 4 Net income $fill in the blank 5

Gallant Company reported net income of $2,500,000. The income statement included a $200,000 loss on discontinued operations, after applicable income tax. There were 100,000 shares of $10 par common stock and 40,000 shares of 4% preferred stock of $100 par outstanding throughout the current year. Required: Prepare the earnings per share section of Gallant Company's income statement. If required, round your answers to the nearest cent. Gallant Company Income Statement   Earnings per common share:     $fill in the blank 2   fill in the blank 4 Net income $fill in the blank 5

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Gallant Company reported net income of $2,500,000. The income statement included a $200,000 loss on discontinued operations, after applicable income tax. There were 100,000 shares of $10 par common stock and 40,000 shares of 4% preferred stock of $100 par outstanding throughout the current year.

Required:

Prepare the earnings per share section of Gallant Company's income statement. If required, round your answers to the nearest cent.

Gallant Company
Income Statement
 
Earnings per common share:  
  $fill in the blank 2
  fill in the blank 4
Net income $fill in the blank 5
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