Answer: Please see explanation column for answers
Explanation:
Partial income statement for Sheffield Corporation
Income from continuing operations $10,745,300
Discontinued operations:
Loss from operation of discontinued $317,300
restaurant division, net of tax
Loss of disposal of restaurant division, $198,600
net of tax
Total of the losses $515,900
Net income $10,229,400
(Income from continuing operations -Losses from Discontinued operations)
Earnings per share
Income from continuing operations $10,745,300/10,000,000 shares
=$1.07453
Discontinued operations $515,900 /10,000,000 shares
=$0.05159
Earnings per share of net income ($1.07453-$0.05159) =$1.02294≈$1.02
Net Income for Sheffield Corporation is $10,229,400 with Earnings per share $1.02
