Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Crane Corporation had 76,000 common shares outstanding on December 31, 2019. During 2020, the company issued 9,000 shares on March 1, retired 7,700 shares on

Crane Corporation had 76,000 common shares outstanding on December 31, 2019. During 2020, the company issued 9,000 shares on March 1, retired 7,700 shares on July 1, issued a 20% stock dividend on October 1, and issued 13,800 shares on December 1. For 2020, the company reported net income of $304,000 after a loss from discontinued operations of $68,800 (net of tax). The company issued a 2-for-1 stock split on February 1, 2021, and the companys financial statements for the year ended December 31, 2020, were issued on February 28, 2021. Calculate earnings per share for 2020 as it should be reported to shareholders. (Round answer to 2 decimal places, e.g. 15.75.)

Earnings per share Income per share before discontinued operations:

$enter a dollar amount 3.85

Discontinued operations loss per share net of tax:

$enter a dollar amount .71

Net income per share:

$enter a total net income per share amount 3.14

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Active Auditing A Practical Guide To Lean And Agile Auditing

Authors: Prescott Coleman, Sandy Kasahara

1st Edition

1092839305, 978-1092839303

More Books

Students also viewed these Accounting questions