Question
The stockholders equity section of Wildhorse Corporation appears below as of December 31, 2020. 8% preferred stock, $50 par value, authorized 112,600 shares, outstanding 102,600
The stockholders equity section of Wildhorse Corporation appears below as of December 31, 2020.
8% preferred stock, $50 par value, authorized | ||||
112,600 shares, outstanding 102,600 shares | $5,130,000 | |||
Common stock, $1.00 par, authorized and issued 11,400,000 shares | 11,400,000 | |||
Additional paid-in capital | 23,370,000 | |||
Retained earnings | $152,760,000 | |||
Net income | 37,620,000 | 190,380,000 | ||
$230,280,000 |
Net income for 2020 reflects a total effective tax rate of 20%. Included in the net income figure is a loss of $20,520,000 (before tax) as a result of a non-recurring major casualty. Preferred stock dividends of $410,400 were declared and paid in 2020. Dividends of $1,140,000 were declared and paid to common stockholders in 2020. Compute earnings per share data as it should appear on the income statement of Wildhorse Corporation. (Round answers to 2 decimal places, e.g. 1.48.)
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