Question
On January 1, 2020, Concord Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100 par value, issued and outstanding 9,300 shares $930,000 Common
On January 1, 2020, Concord Industries had stock outstanding as follows.
6% Cumulative preferred stock, $100 par value, issued and outstanding 9,300 shares | $930,000 | |
Common stock, $10 par value, issued and outstanding 208,000 shares | 2,080,000 |
To acquire the net assets of three smaller companies, Concord authorized the issuance of an additional 156,000 common shares. The acquisitions took place as shown below.
Date of Acquisition | Shares Issued | |
Company A April 1, 2020 | 50,400 | |
Company B July 1, 2020 | 76,800 | |
Company C October 1, 2020 | 28,800 |
On May 14, 2020, Concord realized a $88,800 (before taxes) insurance gain on discontinued operations. On December 31, 2020, Concord recorded income of $285,600 from continuing operations (after tax). Assuming a 20% tax rate, compute the earnings per share data that should appear on the financial statements of ConcordIndustries as of December 31, 2020. (Round answer to 2 decimal places, e.g. $2.55.)
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