## Answers

Income Statement (Partial) | ||

For the Year ended December 31, 2020 | ||

Income From continuing Operations Before income tax [wk note 1 ] | 757840 | |

Income tax [ (757840 - 117890)*0.30] | 191,985 | |

Income from continuing operations | 565,855 | |

Discontinued operations | ||

Loss from disposal of recreational division | 124,360 | |

Less: Applicable income tax reduction | 37,308 | 87,052 |

Net income | 478,803 | |

Earning per share [565855/110320] | ||

Income from continuing operations | $ 5.13 | |

Discontinued operations, net of tax | $ 0.79 | |

Net income | $ 4.34 |

Working note

1.

[796800 - 94100 - 65000 + (161400 - 43510)] = 755590

Diff in depreciation = [81000 / 6] - [ (81000 -13500) / 6 ] = 2250

income from continuing operations = 755590+2250 = 757840

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