Question
On January 1, 2020, Coronado Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100par value,issued and outstanding9,700shares$970,000Common stock, $10par value, issued and outstanding200,000shares2,000,000
On January 1, 2020, Coronado Industries had stock outstanding as follows.
6% Cumulative preferred stock, $100par value,issued and outstanding9,700shares$970,000Common stock, $10par value, issued and outstanding200,000shares2,000,000
To acquire the net assets of three smaller companies, Coronado authorized the issuance of an additional157,200common shares. The acquisitions took place as shown below.
Date of Acquisition
Shares Issued
Company A April 1, 202048,000Company B July 1, 202078,000Company C October 1, 202031,200
On May 14, 2020, Coronado realized a $92,400(before taxes) insurance gain on discontinued operations. On December 31, 2020, Coronado recorded income of $291,600from continuing operations (after tax).
Assuming a20% tax rate, compute the earnings per share data that should appear on the financial statements of Coronado Industries as of December 31, 2020.(Round answer to 2 decimal places, e.g. $2.55.)
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