Question
On January 1, 2017, Shamrock Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100 par value, issued and outstanding 9,100 shares $910,000 Common
On January 1, 2017, Shamrock Industries had stock outstanding as follows.
6% Cumulative preferred stock, $100 par value, issued and outstanding 9,100 shares | $910,000 | |
Common stock, $10 par value, issued and outstanding 209,000 shares | 2,090,000 |
To acquire the net assets of three smaller companies, Shamrock authorized the issuance of an additional 162,000 common shares. The acquisitions took place as shown below.
Date of Acquisition | Shares Issued | |
Company A April 1, 2017 | 50,400 | |
Company B July 1, 2017 | 80,400 | |
Company C October 1, 2017 | 31,200 |
On May 14, 2017, Shamrock realized a $92,400 (before taxes) insurance gain on discontinued operations. On December 31, 2017, Shamrock recorded income of $307,200 from continuing operations (after tax). Assuming a 50% tax rate, compute the earnings per share data that should appear on the financial statements of Shamrock Industries as of December 31, 2017. (Round answer to 2 decimal places, e.g. $2.55.)
Shamrock Industries Income Statement | ||
$ | ||
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$ |
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