Question
The stockholders equity section of Tkachuk Corporation appears below as of December 31, 2014. Net income for 2014 reflects a total effective tax rate of
The stockholders equity section of Tkachuk Corporation appears below as of December 31, 2014.
Net income for 2014 reflects a total effective tax rate of 34%. Included in the net income figure is a loss of $12,908,000 (before tax) as a result of a major casualty, which should be classified as an extraordinary item. Preferred stock dividends of $362,952 were declared and paid in 2014. Dividends of $1,190,000 were declared and paid to common stockholders in 2014.
Compute earnings per share data as it should appear on the income statement of Tkachuk Corporation. (Round answers to 2 decimal places, e.g. 1.48.)
8% preferred stock, $50 par value, authorized $4,536,900 10,570,000 20,690,000 100,738 shares, outstanding 90,738 shares Common stock, $1.00 par, authorized and issued 10.57 million shares Additional paid-in capital Retained earnings Net income $134,120,000 34,254,000 168,374,000 $204,170,900
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started