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Question
Zeus Company reports the following for the current year:
| Income from continuing operations before income tax | $500,000 |
| Loss from discontinued operations | $90,000* |
| Weighted average number of common shares outstanding | 40,000 |
| Applicable tax rate | 40% |
*Net of any tax effect
a. Prepare a partial income statement for Zeus Company beginning with income from continuing operations before income tax expense.
b. Compute the earnings per common share for Zeus.
Answer
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