Exercise 16-20

Exercise 16-20 On January 1, 2017, Flint Industries had stock outstanding as follows. 6% cumulative preferred stock, $100 par value, issued and outstanding 9,200 shares $920,000 Common stock, $10 par value, issued andotstanding 205,000 shares To acquire the net assets of three smaller companies, Flint authorized the issuance of an additional 162,000 common shares. The acquisitions took place as shown below 2,050,000 Date of Acquisition Shares Issued Company A April 1, 2017 Company B July 1, 2017 Company C October 1, 2017 51,600 80,400 30,000 On May 14, 2017, Flint realized a $87,600 (before taxes) insurance gain on discontinued operations. On December 31, 2017, Flint recorded income of $303,600 from continuing operations ). Assuming a 50% tax rate, compute the earnings per share data that should appear on the financial statements of ntinus e as of ecember 3 20 oundans er toe decimal places, e.g. $2.55.) Flint Industries Income Statement