Question
On January 1, 2020, Sandhill Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100 par value, issued and outstanding 9,200 shares $920,000 Common
On January 1, 2020, Sandhill Industries had stock outstanding as follows.
6% Cumulative preferred stock, $100 par value, issued and outstanding 9,200 shares | $920,000 | |
Common stock, $10 par value, issued and outstanding 191,000 shares | 1,910,000 |
To acquire the net assets of three smaller companies, Sandhill authorized the issuance of an additional 157,200 common shares. The acquisitions took place as shown below.
Date of Acquisition | Shares Issued | |
Company A April 1, 2020 | 49,200 | |
Company B July 1, 2020 | 78,000 | |
Company C October 1, 2020 | 30,000 |
On May 14, 2020, Sandhill realized a $87,600 (before taxes) insurance gain on discontinued operations. On December 31, 2020, Sandhill recorded income of $283,200 from continuing operations (after tax). Assuming a 20% tax rate, compute the earnings per share data that should appear on the financial statements of Sandhill Industries as of December 31, 2020. (Round answer to 2 decimal places, e.g. $2.55.)
Sandhill Industries Income Statement | ||
$ | ||
| $ |
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