At December 31, 2013, Shiga Naoya Corporation had the following stock outstanding. 10% cumulative preferred stock, $100
Question:
At December 31, 2013, Shiga Naoya Corporation had the following stock outstanding.
10% cumulative preferred stock, $100 par, 107,500 shares $10,750,000
Common stock, $5 par, 4,000,000 shares 20,000,000
During 2014, Shiga Naoya did not issue any additional common stock. The following also occurred during 2014.
Income from continuing operations before taxes $23,650,000
Discontinued operations (loss before taxes) $ 3,225,000
Preferred dividends declared $ 1,075,000
Common dividends declared $ 2,200,000
Effective tax rate 35%
Instructions
Compute earnings per share data as it should appear in the 2014 income statement of Shiga Naoya Corporation.
Step by Step Answer:
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield