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Presented below is the pretax information for Aloma Corporation, for the year 2012:
Sales
$6,000,000
Cost of goods sold
2,950,000
Interest revenue
60,000
Loss from abandonment of plant assets
300,000
Selling expenses
600,000
Administrative expenses
440,000
Unusual and infrequent loss from earthquake
90,000
Gain on disposal of a segment of the business. The corporation will no longer be in that business in the future.
290,000
Instructions:
Present all applicable information in a proper format (according to GAAP), to prepare a multiple step income statement. The company has 300,000 shares outstanding and a federal tax rate of 30%. Prepare an EPS section in proper format (round to two decimals). Use the answer sheet provided.
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