Question
The shareholders' equity section ofAyayaiCorporation as at December 31, 2020, follows: 10% cumulative preferred shares,100,000shares authorized,61,000shares outstanding$4,400,000Common shares,10million shares authorized and issued10,000,000 Contributed surplus 10,000,000
The shareholders' equity section ofAyayaiCorporation as at December 31, 2020, follows:
10% cumulative preferred shares,100,000shares authorized,61,000shares outstanding$4,400,000Common shares,10million shares authorized and issued10,000,000
Contributed surplus
10,000,000
24,400,000
Retained earnings
171,000,000
$195,400,000
Net income of $25million for 2020 reflects a total effective tax rate of26%. Included in the net income figure is a loss of $17million (before tax) relating to the operations of a business segment that is to be discontinued.
Calculate earnings per share information as it should appear in the financial statements ofAyayaiCorporation for the year ended December 31, 2020.(Round answers to 2 decimal places, e.g. 52.75.)
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