Reference no: EM132607025
Question - On January 1, 2017, Stellar Industries had stock outstanding as follows.
6% Cumulative preferred stock, $100 par value, issued and outstanding 9,900 shares$990,000 Common stock, $10 par value, issued and outstanding 199,000 shares 1,990,000
To acquire the net assets of three smaller companies, Stellar authorized the issuance of an additional 160,800 common shares. The acquisitions took place as shown below. (see chart attached)
On May 14, 2017, Stellar realized a $86,400 (before taxes) insurance gain on discontinued operations.
On December 31, 2017, Stellar recorded income of $309,600 from continuing operations (after tax).
Assuming a 50% tax rate, compute the earnings per share data that should appear on the financial statements of Stellar Industries as of December 31, 2017.
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