Reference no: EM132216730
Question - On January 1, 2017, Swifty Industries had stock outstanding as follows.
6% Cumulative preferred stock, $100 par value, issued and outstanding 9,100 shares - $910 ,000
Common stock, $10 par value, issued and outstanding 186,000 shares - 1,860,000
To acquire the net assets of three smaller companies, Swifty authorized the issuance of an additional 160,800 common shares. The acquisition took place as shown below.
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Date of Acquisition
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Shares Issued
|
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Company A April 1, 2017
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50,400
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|
Company B July 1, 2017
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79,200
|
|
Company C October 1, 2017
|
31,200
|
On May 14, 2017, Swifty realized a $86 400 (before taxes) insurance gain on discontinued operations.
On December 31, 2017, Swifty recorded income of $289 200 from continuing operations (after tax).
Assuming a 50 % tax rate, compute the earnings per share data that should appear on the financial statements of Swifty Industries as of December 31, 2017.