Sheffield Corporation stockholders' equity section appears below as of December 31, 2017.

8% preferred stock, $50 par value, authorized
100,622 shares, 90,622 shares outstanding				$4,531,100
Common shares, $1.00 par, authorized and issued 10,566,600 shares				10,566,600
Additional payment in principal				20,928,700
Retained earnings		$134,911,000
Net Income		38,280,000		173.191.000
				$209,217,400

Net income for 2017 reflects a total effective tax rate of 34%. Included in the net income figure is a loss of $12,928,700 (before taxes) as a result of a non-recurring major casualty event. Preferred stock dividends of $362,488 were declared and paid in 2017. Dividends of $935,800 were declared and paid to common stockholders in 2017.

Calculate the earnings per share data as it should appear on the income statement for Sheffield Corporation.

Answer rating: 100% (QA)

To calculate the earnings per share EPS data for Sheffield Corporation we need to determine the weig... View the full answer