Exercise 16-20 Your answer is partially correct. Try again. On January 1, 2020, Lennon Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100 par value, issued and outstanding 10,000 shares $1,000,000 Common stock, $10 par value, issued and outstanding 200,000 shares 2,000,000 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. Date of Acquisition Company A April 1, 2020 Company B July 1, 2020 Company C October 1, 2020 Shares Issued 50,000 80,000 30,000 On May 14, 2020, Lennon realized a $90,000 (before taxes) insurance gain on discontinued operations. On December 31, 2020, Lennon recorded income of $300,000 from continuing operations (after tax). 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, 2020. (Round answer to 2 decimal places, e.g. $2.55.) Lennon Industries Income Statement For the Year Ended December 31, 2020 TIncome From Continuing Operations 0.32 Discontinued Operations Gain, Net of Tax 0.16 TNet Income / (Loss) 0.48 Click if you would like to show Work for this question: Open Show Work Exercise 16-20 Your answer is partially correct. Try again. On January 1, 2020, Lennon Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100 par value, issued and outstanding 10,000 shares $1,000,000 Common stock, $10 par value, issued and outstanding 200,000 shares 2,000,000 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. Date of Acquisition Company A April 1, 2020 Company B July 1, 2020 Company C October 1, 2020 Shares Issued 50,000 80,000 30,000 On May 14, 2020, Lennon realized a $90,000 (before taxes) insurance gain on discontinued operations. On December 31, 2020, Lennon recorded income of $300,000 from continuing operations (after tax). 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, 2020. (Round answer to 2 decimal places, e.g. $2.55.) Lennon Industries Income Statement For the Year Ended December 31, 2020 TIncome From Continuing Operations 0.32 Discontinued Operations Gain, Net of Tax 0.16 TNet Income / (Loss) 0.48 Click if you would like to show Work for this question: Open Show Work