On January 1, 2025, Lennon Industries had stock outstanding as follows. To acquire the net assets of
Question:
On January 1, 2025, Lennon Industries had stock outstanding as follows.
To acquire the net assets of three smaller companies, Lennon authorized the issuance of an additional 160,000 common shares. The acquisitions took place as shown below.
On May 14, 2025, Lennon realized a $90,000 (before taxes) gain on discontinued operations. On December 31, 2025, Lennon recorded income of $300,000 from continuing operations.
Instructions
Assuming a 20% tax rate, compute the earnings per share data that should appear on the financial statements of Lennon Industries as of December 31, 2025.
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Related Book For
Intermediate Accounting
ISBN: 9781119790976
18th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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