Question
On January 1, 2017, Pina 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, Pina 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, Pina 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, Pina realized a $94,800 (before taxes) insurance gain on discontinued operations. On December 31, 2017, Pina 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 Pina Industries as of December 31, 2017. (Round answer to 2 decimal places, e.g. $2.55.)
Pina Industries Income Statement |
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