Question
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 ?????? | $ ? |
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