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Franco Academy Surplus had 10,000 shares of common stock and 7,000

Price: $2.99


Franco Academy Surplus had 10,000 shares of common stock and 7,000 shares of
5%, $10 par preferred stock outstanding through December 31, 2012. Income from
continuing operations for 2012 was $125,000, and loss on discontinued operations
(net of income tax saving) was $5,000. Franco also had an extraordinary gain (net of
tax) of $25,000.

Requirement

1. Compute Franco’s EPS amounts for 2012, starting with income from continuing
operations

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