Porter Corporation owns all 30.000 shares of the common stock of Street, Inc Porter has 60,000 shares

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Porter Corporation owns all 30.000 shares of the common stock of Street, Inc Porter has 60,000 shares of Its own common stock outstanding. During the current year, Porter earns income (without any Con Sideration of its investment In Street) of 5150,000 while Street reports $130,000. Amual amortization of $10,000 is recognized each year on the consolidation worksheet based on acquisition date fair value allocations. Both companies have convertible bonds outstanding. Cuing the current yeir, bond related Interest expense (net of taxes) Is S32.000 for Porter and $24,000 for Street Porter's bonds can be converted into 8,000 shares of common stock: Street's bonds can be converted Into 10,000 shares. Porter owns none of these bonds. What are the earnings per share amounts that Porter should report in its current year consolidated income statement?

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
Consolidated Income Statement
When talking about the group financial statements the consolidated financial statements include Consolidated Income Statement that a parent must prepare among other sets of consolidated financial statements. Consolidated Income statement that is...
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For  answer-question

Advanced Accounting

ISBN: 9781260247824

14th Edition

Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik

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