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Blossom Corporation had income from continuing operations of $740,000 (after taxes) in 2020. In addition,...

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Accounting

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Blossom Corporation had income from continuing operations of $740,000 (after taxes) in 2020. In addition, the following informatic which has not been considered, is as follows. 1. A machine was sold for $130,000 cash during the year at a time when its book value was $105,000. (Depreciation has been properly recorded.) The company often sells machinery of this type. Blossom decided to discontinue its stereo division in 2020. During the current year, the loss on the disposal of this component of the businues was $150,000 less applicable taxes. 2 Present in good form the income statement of Blossom Corporation for 2020 starting with income from continuing operations." Assume that Blossom's tax rate is 30% and 250,000 shares of common stock were outstanding during the year. (Round per share values to 2 decimal places, eg. $1.48.) Blossom Corporation Partial Income Statement For the Year Ended December 31, 2020 For the Year Ended December 31, 2020 $ 740000 $

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