In addition during the year the company completed the

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Reference no: EM13588356

How do you find the income before extraordinary items?

All I am given is the extraordinary gain is 3,000,000 -

Net Sales $18,000
Interest Income $200
Interest Expense $350
Extraordinary gain $3,000
Cost of goods sold $10,500
Selling and administrative expense $2,500
Restructuring costs $800

In addition, during the year the company completed the disposal of its plastics buisness and incurred a loss from operations of $1.6 million and a gain on disposal of the component's assets of $2 million. 500,000 shares of common stock were outstanding throughout 2013. Income tax expense has not yet bee accrued. The income tax rate is 30% on all items of income (loss).

Reference no: EM13588356

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