Oriole Inc. reported Income from Continuing Operations before taxes during 2025 of $796,100. Additional transactions occurring in 2025 but not considered in the $796,100 are as follows. 1. 2. 3. 4. 5. The corporation experienced an uninsured flood loss in the amount of $94,500 during the year. At the beginning of 2023, the corporation purchased a machine for $70,200 (salvage value of $11,700) that had a useful life of 6 years. The bookkeeper used straight-line depreciation for 2023, 2024, and 2025, but failed to deduct the salvage value in computing the depreciation base. Sale of securities held as a part of its portfolio resulted in a loss of $55,400 (pretax). When its president died, the corporation realized $147,600 from an insurance policy. The cash surrender value of this policy had been carried on the books as an investment in the amount of $46,690 (the gain is nontaxable). The corporation disposed of its recreational division at a loss of $112,050 before taxes. Assume that this transaction meets the criteria for discontinued operations. 6. The corporation decided to change its method of inventory pricing from average-cost to the FIFO method. The effect of this change on prior years is to increase 2023 income by $62,580 and decrease 2024 income by $20,490 before taxes. The FIFO method has b s been used for 2025. The tax rate on these items is 30%. Prepare an income statement for the year 2025 starting with Income from Continuing Operations before taxes. Compute earnings per share as it should be shown on the face of the income statement. Common shares outstanding for the year are 113,840 shares. (Assume a tax rate of 30% on all items, unless indicated otherwise.) (Round earnings per share to 2 decimal places, e.g. 1.48 and all other answers to 0 decimal places, e.g. 5,275.)

Convers Corporation (calendar year-end) acquired the following assets during the current tax year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1, Table 2, and Table 5.) Asset Date Placed in Service Original Basis Machinery October 25 $ 104,000 Computer equipment February 3 44,000 Delivery truck* March 17 57,000 Furniture April 22 184,000 Total   $ 389,000 *The delivery truck is not a luxury automobile. In addition to these assets, Convers installed qualified real property (MACRS, 15 year, 150% DB) on May 12 at a cost of $640,000.   b. What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers does not elect out of bonus depreciation (but does not take §179 expense)? Note: Round your intermediate calculations to the nearest whole dollar amount. Table 1 MACRS Half-Year Convention Depreciation Rate for Recovery Period   3-Year 5-Year 7-Year 10-Year 15-Year 20-Year Year 1   33.33%…

Flounder Corporation, a clothing retailer, had income from operations (before tax) of $367,000, and recorded the following before-tax gains/(losses) for the year ended December 31, 2023: Gain on disposal of equipment Unrealized (loss/gain on FV-NI investments (Loss)/gain on disposal of building Gain on disposal of FV-NI investments 352.500 (25,380) (50,760) 63,920 Flounder also had the following account balances as at January 1, 2023 Retained earnings Accumulated other comprehensive income (this was due to a revaluation surplus on land) Accumulated other comprehensive income (this was due to gains on FV-OCI debt investments) $31,020 61.040 385,400 As at January 1, 2023, Flounder had one piece of land that had an original cost of $142,000 that it accounted for using the revaluation model. It was most recently revalued to fair value on December 31, 2022, when its carrying amount was adjusted to fair value of $203,040, In January 2023, the piece of land was sold for proceeds of $203,040.…

previously answers were incorrect. Can someone take another look?