On January 1, 2017, Crane Industries had shares outstanding as below. 6% Cumulative Preferred Stock, $100 Par
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Question:
On January 1, 2017, Crane Industries had shares outstanding as below.
6% Cumulative Preferred Stock, $100 Par Value, Issued and Outstanding 9,200 shares | $ 920,000 | |
Common Stock, $10 Par Value, Issued and Outstanding 191,000 shares | 1,910,000 |
To acquire the net assets of three smaller companies, Crane authorized the issuance of an additional 157,200 shares of common stock. The acquisitions were carried out as shown below.
acquisition date | issued shares | |
Company As of April 1, 2017 | 49,200 | |
Corp B Jul 1, 2017 | 78,000 | |
Company C October 1, 2017 | 30,000 |
On May 14, 2017, Crane earned an insurance gain of $87,600 (before taxes) on discontinued operations.
On December 31, 2017, Crane recorded income of $283,200 from continuing operations (after taxes).
Required:
Assuming a 50% tax rate, calculate the earnings per share data that should appear in Crane Industries' financial statements as of December 31, 2017.
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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