Reference no: EM132569243

On January 1, 2017, Cyclop Inc. had stock outstanding as follows.

6% Cumulative preferred stock, $100 par value, issued and outstanding 10,000 shares        $1,000,000

Common stock, $10 par value, issued and outstanding 200,000 shares                               2,000,000

To acquire the net assets of three smaller companies, Cyclop Inc. authorized the issuance of an additional 160,000 commonshares. The acquisitions took place as shown below:

Date of AcquisitionShares Issued

Company A April 1, 2017                50,000

Company B July 1, 2017                  80,000

Company C October 1, 2017                   30,000

On May 14, 2017, Cyclop realized a $90,000 (before taxes) gain on discontinued operations. On December 31, 2017, Cyclop recorded income of $300,000 from continuing operations.

Instructions

Question 1: Assuming a 50% tax rate, compute the earnings per share data that should appear on the financial statements of Cyclop Inc. as of December 31, 2017.