Problem 19-8 Net loss; stock dividend; nonconvertible preferred stock; treasury shares; shares sold; discontinued operations [LO19-5, 19-6, 19-7, 19-13]

On December 31, 2017, Ainsworth, Inc., had 660 million shares of common stock outstanding. Twenty one million shares of 9%, $100 par value cumulative, nonconvertible preferred stock were sold on January 2, 2018. On April 30, 2018, Ainsworth purchased 30 million shares of its common stock as treasury stock. Twelve million treasury shares were sold on August 31. Ainsworth issued a 5% common stock dividend on June 12, 2018. No cash dividends were declared in 2018. For the year ended December 31, 2018, Ainsworth reported a net loss of $145 million, including an after-tax loss from discontinued operations of $410 million. Required: 1. Compute Ainsworth's net loss per share for the year ended December 31, 2018. 2. Compute the per share amount of income or loss from continuing operations for the year ended December 31, 2018. 3. Prepare an EPS presentation that would be appropriate to appear on Ainsworth's 2018 and 2017 comparative income statements. Assume EPS was reported in 2017 as $0.70, based on net income (no discontinued operations) of $462 million and a weighted-average number of common shares of 660 million.