income statement eps presented below are selected ledger 248488

Presented below are selected ledger accounts of Tucker Corporation as of December 31, 2014.

Cash   $50,000
Administrative expenses   100,000
Selling expenses   80,000
Net sales   540,000
Cost of goods sold   210,000
Cash dividends declared (2014)   20,000
Cash dividends paid (2014)   15,000
Discontinued operations (loss before income taxes)   40,000
Depreciation expense, not recorded in 2013   30,000
Retained earnings, December 31, 2013   90,000
Effective tax rate 30%    

(a)Compute net income for 2014.

(b) Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 10,000 shares of common stock were outstanding during 2014.

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