At December 31, 2019, Shiga Naoya Corporation had the following stock outstanding. 10% cumulative preferred stock, $100

Question:

At December 31, 2019, Shiga Naoya Corporation had the following stock outstanding.

10% cumulative preferred stock, $100 par, 107,500 shares..................$10,750,000
Common stock, $5 par, 4,000,000 shares...................................................20,000,000

During 2020, Shiga Naoya did not issue any additional common stock. The following also occurred during 2020.

Income from continuing operations before taxes...................$23,650,000
Discontinued operations (loss before taxes).............................$ 3,225,000
Preferred dividends declared.......................................................$ 1,075,000
Common dividends declared.......................................................$ 2,200,000
Effective tax rate.........................................................................................17%


Instructions

Compute earnings per share data as it should appear in the 2020 income statement of Shiga Naoya Corporation. (Round to two decimal places.)

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: 978-1119503668

17th edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel

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