On December 31, 2017, Ainsworth, Inc., had 550 million shares of common stock outstanding. Eighteen million shares of 6%, $100 par value cumulative, nonconvertible preferred stock were sold on January 2, 2018. On April 30, 2018, Ainsworth purchased 50 million shares of its common stock as treasury stock. Twenty million treasury shares were sold on August 31. Ainsworth issued a 4% common stock dividend on June 12, 2018. No cash dividends were declared in 2018. For the year ended December 31, 2018, Ainsworth reported a net loss of $135 million, including an after-tax loss from discontinued operations of $390 million. Required: 1. Compute Ainsworth's net loss per share for the year ended December 31, 2018. 2. Compute the per share amount of income or loss from continuing operations for the year ended December 31, 2018. 3. Prepare an EPS presentation that would be appropriate to appear on Ainsworth's 2018 and 2017 comparative income statements. Assume EPS was reported in 2017 as $0.80, based on net income (no discontinued operations) of $440 million and a weighted- average number of common shares of 550 million. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 Compute Ainsworth's net loss per share for the year ended December 31, 2018 and the per share amount of income or loss from continuing operations for the year ended December 31, 2018. (Round your intermediate calculations to 2 decimal places Negative amounts should be indicated by a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Numerator / Denominator = Net Loss Per Share Numerator / Denominator Income/Loss from Continuing Operations Per Share On December 31, 2017, Ainsworth, Inc., had 550 million shares of common stock outstanding. Eighteen million shares of 6%, $100 par value cumulative, nonconvertible preferred stock were sold on January 2, 2018. On April 30, 2018, Ainsworth purchased 50 million shares of its common stock as treasury stock. Twenty million treasury shares were sold on August 31. Ainsworth issued a 4% common stock dividend on June 12, 2018. No cash dividends were declared in 2018. For the year ended December 31, 2018. Ainsworth reported a net loss of $135 million, including an after-tax loss from discontinued operations of $390 million. Required: 1. Compute Ainsworth's net loss per share for the year ended December 31, 2018 2. Compute the per share amount of income or loss from continuing operations for the year ended December 31, 2018. 3. Prepare an EPS presentation that would be appropriate to appear on Ainsworth's 2018 and 2017 comparative income statements. Assume EPS was reported in 2017 as $0.80, based on net income (no discontinued operations) of $440 million and a weighted- average number of common shares of 550 million. Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Prepare an EPS presentation that would be appropriate to appear on Ainsworth's 2018 and 2017 comparative income statements. Assume EPS was reported in 2017 as $0.80, based on net income (no discontinued operations) of $440 million and a weighted average number of common shares of 550 million. (Round your answers to 2 decimal places. Loss amounts should be indicated with a minus sign.) Show less 2017 AINSWORTH, INC. 2018 and 2017 Comparative Income Statement 2018 Earnings (Loss) Per Common Share: Income from continuing operations Loss from discontinued operations Net income (loss)
