Question
On January 1, 2020, Sweet Industries had stock outstanding as follows. 8% Noncumulative preferred stock, $ 100 par value, issued and outstanding 244,000 shares $
On January 1, 2020, Sweet Industries had stock outstanding as follows.
8% Noncumulative preferred stock, $ 100 par value, issued and outstanding 244,000 shares | $ 24,400,000 | |
Common stock, $ 1 par value, issued and outstanding 570,000 shares | 570,000 |
To acquire the net assets of three smaller companies, Sweet issued an additional 618,000 common shares. The acquisitions took place as follows.
Date of Acquisition | Shares Issued | |
---|---|---|
MicroBio February 1, 2020 | 201,000 | |
BioTech June 1, 2020 | 81,000 | |
SuperBio November 1, 2020 | 336,000 |
On December 31, 2020, Sweet reported net income of $ 8,931,000 before taxes. No dividends on the common or preferred stock were declared during 2020. Assuming a 40% tax rate, compute the earnings per share data that should appear on the financial statements of Sweet Industries as of December 31, 2020. (Round answer to 2 decimal places, e.g. 2.55.)
Earnings per share | $ enter the earnings per share in dollar rounded to 2 decimal places |
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