Franco Academy Surplus Had 10000 Shares Of Common Stock And

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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