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Question - The Bilibong Company had three operating divisions, each of which qualifies as a separate component. The sports equipment was sold on December 31, 20xx resulting in a before-tax gain of $300,000 The division incurred before-tax operating losses of $380,000 from the beginning of the year through December 31 Bilibong's after-tax income from its continuing operations is $500,000.
The income tax rate is 40%.
Required -
1. Prepare an income statement for 20xx beginning with "income from continuing operations."
2. Include EPS disclosures assuming 200,000 shares of common stock were outstanding throughout the year.
Livesey Company has signed a long-term contract to build a new basketball arena. The total revenue related to the contract is $120 million.
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