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Question - At December 31, 2011, Schroeder Corporation had the following stock outstanding.
8% cumulative preferred stock, $100 par, 107,500 shares
$10,750,000
Common stock, $5 par, 4,000,000 shares
20,000,000
During 2012, Schroeder's did not issue any additional stock. The following also occurred during 2012.
Income from continuing operations before taxes
$21,650,000
Discontinued operations (loss before taxes)
3,225,000
Preferred dividends declared
860,000
Common dividends declared
2,200,000
Effective tax rate
35%
Required - Compute earnings per share data as it should appear in the 2012 income statement of Schroeder Corporation.
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