Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Presented below is information related to Oriole Company. 1.Net Income [including a discontinued operations gain (net of tax) of $96,000]$287,0002. Capital Structurea.Cumulative 5% preferred stock,

Presented below is information related to Oriole Company.

1.Net Income [including a discontinued operations gain (net of tax) of $96,000]$287,0002.

Capital Structurea.Cumulative 5% preferred stock, $100 par, 6,200 shares issued and outstanding$620,000

b.$10 par common stock, 74,000 shares outstanding on January 1. On April 1, 40,000 shares were issued for cash. On October 1, 16,000 shares were purchased and retired.$1,000,000

c.On January 2 of the current year, Oriole purchased Oslo Corporation. One of the terms of the purchase was that if Oslo net income for the following year is $240,000 or more, 60,000 additional shares would be issued to Oslo stockholders next year.Oslo's net income for the current year was $2,600,000.3.Other Information

a.Average market price per share of common stock during entire year$30

b.Income tax rate

help find weighted average number of shares which I got 100000. and find basic eps which i got 2.56 and diluted eps which I got 1.6 are these correct?

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

Essentials Of Forensic Accounting

Authors: Michael A Crain, William S Hopwood

2nd Edition

1948306441, 978-1948306447

More Books

Students also viewed these Accounting questions

Question

Describe effectiveness of reading at night?

Answered: 1 week ago

Question

find all matrices A (a) A = 13 (b) A + A = 213

Answered: 1 week ago