Whitefish, Inc. is a publicly traded company with a complex capital structure. The following shareholders' equity...

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Whitefish, Inc. is a publicly traded company with a complex capital structure. The following shareholders' equity portion of the balance and summary income statements relate to Whitefish, Inc. on December 31, 2020. Shareholders' Equity Section Common Stock - $1 par value; 200,000 shares authorized, 150,000 shares issued, 140,000 shares outstanding $150,000 250,000 Convertible $2 preferred stock - $10 par value; 25,000 shares authorized, issued, and outstanding 600,000 Additional paid-in capital - Common Stock Additional paid-in capital - Preferred Stock Retained Earning 375,000 1,245,000 (70,000) Treasury stock, at cost 10,000 common shares Total Shareholders' Equity Section $2,550,000 Summary Income Statement $854,000 Income from Continuing Operations, after tax Discontinued operations, net of tax effect Net Income (34,000) $820,000 In addition, Whitefish has $1,000,000, 5% convertible bonds reported as long-term liability. The 5% bonds are convertible into 25,000 shares of common stock. During 2020, Whitefish paid required dividends on its preferred stock. The preferred shares are convertible into 75,000 shares of common stock. No other stock issues or repurchase of stock for treasury occurred during the year. 2. Add a new worksheet and based on the results of requirement 1, summarize the basic and diluted earnings per share for 2020 that Whitefish must report on the income statement for 2020. Label the worksheet 'FinSt'. 3. On the worksheet 'FinSt' prepare the required note disclosures including the earnings per share reconciliation (see page 1137 in textbook). Whitefish, Inc. is a publicly traded company with a complex capital structure. The following shareholders' equity portion of the balance and summary income statements relate to Whitefish, Inc. on December 31, 2020. Shareholders' Equity Section Common Stock - $1 par value; 200,000 shares authorized, 150,000 shares issued, 140,000 shares outstanding $150,000 250,000 Convertible $2 preferred stock - $10 par value; 25,000 shares authorized, issued, and outstanding 600,000 Additional paid-in capital - Common Stock Additional paid-in capital - Preferred Stock Retained Earning 375,000 1,245,000 (70,000) Treasury stock, at cost 10,000 common shares Total Shareholders' Equity Section $2,550,000 Summary Income Statement $854,000 Income from Continuing Operations, after tax Discontinued operations, net of tax effect Net Income (34,000) $820,000 In addition, Whitefish has $1,000,000, 5% convertible bonds reported as long-term liability. The 5% bonds are convertible into 25,000 shares of common stock. During 2020, Whitefish paid required dividends on its preferred stock. The preferred shares are convertible into 75,000 shares of common stock. No other stock issues or repurchase of stock for treasury occurred during the year. 2. Add a new worksheet and based on the results of requirement 1, summarize the basic and diluted earnings per share for 2020 that Whitefish must report on the income statement for 2020. Label the worksheet 'FinSt'. 3. On the worksheet 'FinSt' prepare the required note disclosures including the earnings per share reconciliation (see page 1137 in textbook).

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a Calculation of basic earnings per share for 2020 including weighted average common shares outstand... View the full answer