The Bilibong Company had three distinct operating divisions, each of which qualifies as a separate component. The sports equipment division had been unprofitable, and on June 1, 2016, the company adopted a plan to sell the assets of the division. The actual sale was completed on December 3, 2016, at a price of $1,200,000. The sale resulted 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 3. The income tax rate is 40%. Bilibong’s after-tax income from its continuing operations is $500,000.
Required:
Prepare an income statement for 2016 beginning with “income from continuing operations.” Include appropriate EPS disclosures assuming 200,000 shares of common stock were outstanding throughout the year.
Please show and explain each step.
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