Reference no: EM132983270
On January 1, 2020, Martinez Industries had stock outstanding as follows.
6% Cumulative preferred stock, $ 100 par value, issued and outstanding 9,800 shares$ 980,000
Common stock, $ 10 par value, issued and outstanding 185,000 shares1,850,000
To acquire the net assets of three smaller companies, Martinez authorized the issuance of an additional 159,600 common shares. The acquisitions took place as shown below.
Date of Acquisition
Shares Issued
Company A April 1, 202052,800
Company B July 1, 202076,800
Company C October 1, 202030,000
On May 14, 2020, Martinez realized a $ 91,200 (before taxes) insurance gain on discontinued operations. On December 31, 2020, Martinez recorded income of $ 273,600 from continuing operations (after tax).
Problem 1: Assuming a 20% tax rate, compute the earnings per share data that should appear on the financial statements of Martinez Industries as of December 31, 2020.
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: Assuming a 20% tax rate, compute the earnings per share data that should appear on the financial statements of Martinez Industries as of December 31, 2020.
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