Reference no: EM131211027
On January 1, 2014, Lennon Industries had stock outstanding as follows. 6% Cumulative preferred stock, $106 par value, issued and outstanding 10,700 shares $1,134,200 Common stock, $11 par value, issued and outstanding 264,000 shares 2,904,000 To acquire the net assets of three smaller companies, Lennon authorized the issuance of an additional 267,600 common shares. The acquisitions took place as shown below. Date of Acquisition Shares Issued Company A April 1, 2014 109,200 Company B July 1, 2014 133,200 Company C October 1, 2014 25,200 On May 14, 2014, Lennon realized a $156,000 (before taxes) insurance gain on the expropriation of investments originally purchased in 2000. On December 31, 2014, Lennon recorded net income of $333,600 before tax and exclusive of the gain. Assuming a 41% tax rate, compute the earnings per share data that should appear on the financial statements of Lennon Industries as of December 31, 2014. Assume that the expropriation is extraordinary. (Round answer to 2 decimal places, e.g. $2.55.)
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