At December 31, 2011, ABC Corporation had the following stock outstanding. 8% cumulative preferred stock, $100 par

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At December 31, 2011, ABC Corporation had the following stock outstanding.

8% cumulative preferred stock, $100 par .. 107,500 shares

Common stock, $5 par, 4,000,000 shares .... 20,000,000

During 2012, Schroeder's did not issue any additional stock. The following also occurred during 2012.

Income from continuing operations before taxes ... $21,650,000

Discontinued operations (loss before taxes) ....... $3,225,000

Preferred dividends declared ............ $860,000

Common dividends declared ............. $2,200,000

Effective tax rate .................... 35%


Compute earnings per share data as it should appear in the 2012 income statement of ABC Corporation.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For  book-img-for-question

Intermediate Accounting

ISBN: 978-0470587287

14th Edition

Authors: kieso, weygandt and warfield.

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