Question
On January 1, 2017, Sunland Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100 par value, issued and outstanding 10,100 shares $1,010,000 Common
On January 1, 2017, Sunland Industries had stock outstanding as follows.
6% Cumulative preferred stock, $100 par value, issued and outstanding 10,100 shares | $1,010,000 | |
Common stock, $10 par value, issued and outstanding 199,000 shares | 1,990,000 |
To acquire the net assets of three smaller companies, Sunland authorized the issuance of an additional 158,400 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 | 78,000 | |
Company C October 1, 2017 | 30,000 |
On May 14, 2017, Sunland realized a $91,200 (before taxes) insurance gain on discontinued operations. On December 31, 2017, Sunland recorded income of $298,800 from continuing operations (after tax). Assuming a 50% tax rate, compute the earnings per share data that should appear on the financial statements of Sunland Industries as of December 31, 2017. (Round answer to 2 decimal places, e.g. $2.55.)
Standard Industries
Income Statement
For the Year Ended Dec 31, 2017
Income From Continuing Operations $?
Discontinued Operations Gain, Next of Tax $?
Net income / (Loss) $?
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