Reference no: EM133010591

Question - Drain Surgeon Company had 320,000 shares outstanding from January through March 2017. They repurchased 30,000 on May 1 and issued 20,000 shares on September

REQUIRED -

-Calculate the weighted average number of preferred shares outstanding

-Calculate the basic earnings per share Net income of $160,000 in 2017 and no preferred shares outstanding.

-Assuming the following: Income from continuing operations of $380,000

Loss from discontinued operations of $100,000 (net of tax)

Net Income of $280,000

Preferred Shares, $5 cumulative, 100,000 shares authorized, 50,000 issued and outstanding

Preferred dividends in arrears one year

-Calculate Earnings per share

-Show Income Statement presentation of EPS.