Gallant company reported net income of 2500000 the income

Reference no: EM13582258

Gallant Company reported net income of $2,500,000.The income statement included one extraordinary item: a $500,000 gain from condemnation of land and a $200,000 loss on discontinued operations, both after applicable income tax.There were 100,000 shares of $10 par common stock and 40,000 shares of $4 preferred stock outstanding throughout the current year.

Reference no: EM13582258

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