Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2020, Metlock Industries had stock outstanding as follows. $950,000 6% Cumulative preferred stock $100 per value issued and outstanding 9.500 shares Common

image text in transcribed

On January 1, 2020, Metlock Industries had stock outstanding as follows. $950,000 6% Cumulative preferred stock $100 per value issued and outstanding 9.500 shares Common stock $10 per value, issued and outstanding 202.000 shares 2.020.000 To acquire the net assets of three smaller companies, Metlock authorized the issuance of an additional 166.800 common shares. The acquisitions took place as shown below. Date of Acquisition Company A April 1, 2020 Company B July 1, 2020 Company COctober 1, 2020 Shares Issued 52,800 82,800 31,200 On May 14.2020. Metlock realized a $94.800 (before taxes) insurance gain on discontinued operations. On December 31, 2020. Metlock recorded income of $306,000 from continuing operations (after tax). Assuming a 20% tax rate.compute the earnings per share data that should appear on the financial statements of Metlock Industries as of December 31, 2020. (Round answer to 2 decimal places, eg. $2.55.) Metlock Industries Income Statement UE $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Survey of Accounting

Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi

3rd Edition

978-1259683794, 77490835, 1259683796, 9780077490836, 978-0078110856

More Books

Students also viewed these Accounting questions

Question

What impediments originate in society at large?

Answered: 1 week ago

Question

How have their tactics changed?

Answered: 1 week ago

Question

What impediments have financial or economic origins?

Answered: 1 week ago