Calculate earnings per share

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Question - The shareholders' equity section of Ayayai Corporation as at December 31, 2020, follows:

10% cumulative preferred shares, 100,000 shares authorized, 61,000 shares outstanding $4,400,000

Common shares, 10 million shares authorized and issued 10,000,000

Contributed surplus 10,000,000 24,400,000

Retained earnings 171,000,000 $195,400,000

Net income of $25 million for 2020 reflects a total effective tax rate of 26%. Included in the net income figure is a loss of $17 million (before tax) relating to the operations of a business segment that is to be discontinued.

Required - Calculate earnings per share information as it should appear in the financial statements of Ayayai Corporation for the year ended December 31, 2020.

Reference no: EM132646167

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