Answer:
Chance Company
Income Statement
For the Year Ended December 31, 2016
After tax income from continuing operations $350,000
Discontinued operations:
Operating income ($130,000
)
Loss on disposal ($400,000)
Income tax on discontinued operations <u>$212,000</u>
Income from discontinued operations <u>($318,000
)</u>
Net income $32,000
Earnings per share (100,000 outstanding shares) $0.32