Exercise 16-20

On January 1, 2017, Flint Industries had stock outstanding as follows 6% cumulative preferred stock, s100 par value, issued and outstanding 9,200 shares $920,000 Common stock, $10 par value, issued and outstanding 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. 2,050,00o 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 (after tax). Assuming a 50% tax rate, compute the eamings per share data that should appear on the financial statements of Flint n ustres as ofDecember 31, 20 1. Roun dan swerto2decina places, e4 2 Flint Industries For the Year Ended December 31, 2017 Income From Contnuing Operations 303600 Extraordinary Gairn S5200 248400 Net Income / (Loss)