Sheridan Corporation had income from continuing operations of $751,000 (after taxes) in 2020. In addition, the following information, which has not been considered, is as follows.

1. A machine was sold for $158,000 cash during the year at a time when its book value was $133,000. (Depreciation has been properly recorded.) The company often sells machinery of this type.
2. Sheridan decided to discontinue its stereo division in 2020. During the current year, the loss on the disposal of this component of the business was $212,000 less applicable taxes.

Present in good form the income statement of Sheridan Corporation for 2020 starting with "income from continuing operations." Assume that Sheridan's tax rate is 30% and 200,000 shares of common stock were outstanding during the year. (Round per share values to 2 decimal places, e. g. $1.48.)

Eliminating entries (including goodwill impairment) and worksheets for various years on january 1, 2013, porter company purchased an 80% interest in the capital stock of salem company for$850,000. at that time, salem company had capital stock of $550,000 and retained earnings of $80,000.differences between the fair value and the book value of the identifiable assets of salem company were asfollows: fair value in excess of book valueequipment$130,000land65,000inv entory40,000the book values of all other assets and liabilities of salem company were equal to their fair values onjanuary 1, 2013. the equipment had a remaining life of five years on january 1, 2013. the inventory was sold in2013.salem company’s net income and dividends declared in 2013 and 2014 were as follows: year 2013 net income of $100,000; dividends declared of $25,000year 2014 net income of $110,000; dividends declared of $35,000required: a. prepare a computation and allocation schedule for the difference between book value of equity acquired andthe value implied by the purchase price. b.present the eliminating/adjusting entries needed on the consolidated worksheet for the year endeddecember 31, 2013. (it is not necessary to prepare the worksheet.)lo6lo1

Wren pork company uses the value basis of allocating joint costs in its production of pork products. relevant information for the current period follows: product pounds price/lb. loin chops 3,000 $ 5.00 ground 10,000 2.00 ribs 4,000 4.75 bacon 6,000 3.50 the total joint cost for the current period was $43,000. how much of this cost should wren pork allocate to loin chops?

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