Question
On January 1, 2017, Flint Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100 par value, issued and outstanding 9,500 shares $950,000 Common
On January 1, 2017, Flint Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100 par value, issued and outstanding 9,500 shares $950,000 Common stock, $10 par value, issued and outstanding 202,000 shares 2,020,000 To acquire the net assets of three smaller companies, Flint authorized the issuance of an additional 166,800 common shares. The acquisitions took place as shown below. Date of Acquisition Shares Issued Company A April 1, 2017 52,800 Company B July 1, 2017 82,800 Company C October 1, 2017 31,200 On May 14, 2017, Flint realized a $94,800 (before taxes) insurance gain on discontinued operations. On December 31, 2017, Flint recorded income of $306,000 from continuing operations (after tax). Assuming a 50% tax rate, compute the earnings per share data that should appear on the financial statements of Flint Industries as of December 31, 2017.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started