On January 1, 2017, Wildhorse Industries had stock outstanding as follows 6 Cumulative preferred stock, $100 par value, issued and outstanding 9,800 shares $980,000 Common stock, $10 par value, issued and outstanding 185,000 shares 1,850,000 To acquire the net assets of three smaller companies, Wildhorse authorized the issuance of an additional 159,600 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 76,800 Company C October 1, 2017 30,000 On May 14, 2017, Wildhorse realized a $91,200 (before taxes) insurance gain on discontinued operations On December 31, 2017, Wildhorse recorded income of $273,600 from continuing operations (after tax) Assuming a 50 tax rate, compute the earnings per share data that should appear on the financial statements of Wildhorse Industries as of December 31, 2017 (Round answer to 2 decimal places, e g $2 55 ) Wildhorse Industries Income Statement December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017 Discontinued Operations Gain, Net of TaxDividendsExpensesExtraordinary LossExtraordinary GainIncome Before Extraordinary ItemIncome From Continuing OperationsIncome Per Share Before Extraordinary ItemLoss From Discontinued OperationsNet Income (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues $ Discontinued Operations Gain, Net of TaxDividendsExpensesExtraordinary LossExtraordinary GainIncome Before Extraordinary ItemIncome From Continuing OperationsIncome Per Share Before Extraordinary ItemLoss From Discontinued OperationsNet Income (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues Discontinued Operations Gain, Net of TaxDividendsExpensesExtraordinary LossExtraordinary GainIncome Before Extraordinary ItemIncome From Continuing OperationsIncome Per Share Before Extraordinary ItemLoss From Discontinued OperationsNet Income (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues $

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Posted on Sep 14, 2024

On January 1, 2017, Wildhorse Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100 par value, issued and outstanding 9,800 shares $980,000 Common

On January 1, 2017, Wildhorse Industries had stock outstanding as follows.

6% Cumulative preferred stock, $100 par value, issued and outstanding 9,800 shares		$980,000
Common stock, $10 par value, issued and outstanding 185,000 shares		1,850,000

To acquire the net assets of three smaller companies, Wildhorse authorized the issuance of an additional 159,600 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		76,800
Company C October 1, 2017		30,000

On May 14, 2017, Wildhorse realized a $91,200 (before taxes) insurance gain on discontinued operations. On December 31, 2017, Wildhorse recorded income of $273,600 from continuing operations (after tax). Assuming a 50% tax rate, compute the earnings per share data that should appear on the financial statements of Wildhorse Industries as of December 31, 2017. (Round answer to 2 decimal places, e.g. $2.55.)

Wildhorse Industries Income Statement December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017 ??????
Discontinued Operations Gain, Net of TaxDividendsExpensesExtraordinary LossExtraordinary GainIncome Before Extraordinary ItemIncome From Continuing OperationsIncome Per Share Before Extraordinary ItemLoss From Discontinued OperationsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues ??????		$ ?
Discontinued Operations Gain, Net of TaxDividendsExpensesExtraordinary LossExtraordinary GainIncome Before Extraordinary ItemIncome From Continuing OperationsIncome Per Share Before Extraordinary ItemLoss From Discontinued OperationsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues ??????		?
Discontinued Operations Gain, Net of TaxDividendsExpensesExtraordinary LossExtraordinary GainIncome Before Extraordinary ItemIncome From Continuing OperationsIncome Per Share Before Extraordinary ItemLoss From Discontinued OperationsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues ??????		$ ?