Assuming a 50 tax rate compute the earnings per share data

Reference no: EM13585510

On January 1, 2012, Bailey Industries had stock outstanding as follows:

6% Cumulative preferred stock, $118 par value, issued and outstanding 11,500 shares		$1,357,000
Common stock, $10 par value, issued and outstanding 219,600 shares		2,196,000

To acquire the net assets of three smaller companies, Bailey authorized the issuance of an additional 296,400 common shares. The acquisitions took place as shown below.

Date of Acquisition		Shares Issued
Company A April 1, 2012		116,400
Company B July 1, 2012		140,400
Company C October 1, 2012		39,600

On May 14, 2012, Bailey realized a $150,000 (before taxes) insurance gain on the expropriation of investments originally purchased in 2000.

On December 31, 2012, Bailey recorded net income of $356,400 before tax and exclusive of the gain.

Assuming a 50% tax rate, compute the earnings per share data that should appear on the financial statements of Bailey Industries as of December 31, 2012. Assume that the expropriation is extraordinary

Reference no: EM13585510

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