Exercise 16-20

On January 1, 2017, Bonita Industries had stock outstanding as follows.

6% Cumulative preferred stock, $100par value,issued and outstanding10,100shares$1,010,000Common stock, $10par value, issued and outstanding180,000shares1,800,000

To acquire the net assets of three smaller companies, Bonita authorized the issuance of an additional159,600common shares. The acquisitions took place as shown below.

Date of Acquisition

Shares Issued

Company A April 1, 201750,400Company B July 1, 201780,400Company C October 1, 201728,800

On May 14, 2017, Bonita realized a $88,800(before taxes) insurance gain on discontinued operations.

On December 31, 2017, Bonita recorded income of $312,000from continuing operations (after tax).

Assuming a50% tax rate, compute the earnings per share data that should appear on the financial statements of Bonita Industries as of December 31, 2017.