Discontinued Operations
the Operations of Global Entertainment, Inc Global Entertainment Had 400,000 Shares Outstanding

question 120

Essay

Discontinued operations
The operations of Global Entertainment, Inc., for the current year are summarized below:
$\begin{array}{|l|c|c|}\hline& \text { From } & \text { From } \\\hline& \text { Continuing } & \text { Discontinued } \\\hline& \text { Operations } & \text { Segment }\\\hline \text { Sales } & \$ 8,060,000 & \$ 2,275,000 \\\hline \text { Costs and expenses (including applicatble income taxes) } & 6,890,000 & 3,315,000 \\\hline \text { Gain on disposal of discontinued segment, net of income taxes } & & 676,000\\\hline \end{array}$
Global Entertainment had 400,000 shares outstanding. Complete the following condensed income statement for the year, including the appropriate earnings per share figures.
GLOBAL ENTERTAINMENT, INC
Income Statement
For the Year Ended December 31, 2006
$\begin{array}{|l|l|} \hline \text { Sales } & \text {\$\quad\quad\quad } \\\hline \text { Costs and expenses (including applicable income taxes) } & \text { } \\\hline\\ \hline\text { Earnings per share } & \text { } \\\hline\end{array}$

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