Question

Kingbird Corporation had income from operations of $6,285,800. In addition, it suffered an unusual and infrequent pretax loss of $781,200 from a volcano eruption, interest revenue of $15.910, and a write down on buildings of $50,000. The corporation's tax rate is 30%. Prepare a partial income statement for Kingbird beginning with Income from operations. The corporation had 4,961,500 shares of common stock outstanding during 2020. (Round earnings per share to 2 decimal places, eg. 1.48.) KINGBIRD CORPORATION Income Statement (Partial)

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Answer 1

Statement Showing King bird Corporation  Income Statement As Per IFRS (IAS 1 Presentation Of Financial Statements)

Particulars		Amount ( $ )
INCOME FROM OPERATIONS	( given)	6285800
Non operating Income:
Interest Revenues	15910
Total Non Operating Income		15910
Non operating Expenses:
Depreciation	50000
Damage Loss from volconic erruption	781200
Total Non operating Expenses		-831200
Income From Continuing Operation	6285800+15910-831200	5470510
Add Income from Extraordinary items		0
Net Income Before Tax		5470510
Profit (Loss) for the period from continuing operations Before Tax		5470510
Net profit before Tax		5470510
Less Current Tax @30%	5470510*30%=1641153	-1641153
Net Profit After Tax	5470510-1641153	3829357
Earning per share	Net Profit After Tax/ total shares outstanding	0.77
(4961500 shares outstanding)	(3829357/4961500)