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#8 Net income for 2020 reflects a total effective tax rate of 20%. Included in the net income figure is a loss of $18,720,000 (before
#8
Net income for 2020 reflects a total effective tax rate of 20%. Included in the net income figure is a loss of $18,720,000 (before tax) as a result of a non-recurring major casualty. Preferred stock dividends of $374,400 were declared and paid in 2020. Dividends of $1,040,000 were declared and paid to common stockholders in 2020. Compute earnings per share data as it should appear on the income statement of Sunland Corporation. (Round answers to 2 decimal places, e.g. 1.48.)
The stockholders' equity section of Sunland Corporation appears below as of December 31, 2020. 8% preferred stock, $50 par value, authorized 103,600 shares, outstanding 93,600 shares Common stock, $1.00 par, authorized and issued 10,400,000 shares Additional paid-in capital Retained earnings Net income $4,680,000 10,400,000 21,320,000 $139,360,000 34,320,000 173,680,000 $210,080,000
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