Reference no: EM133069967
Question - On January 1, 2020, Shamrock Industries had stock outstanding as follows.
6% Cumulative preferred stock, $ 100 par value, issued and outstanding 10,300 shares $1,030,000
Common stock, $ 10 par value, issued and outstanding 188,000 shares 1,880,000
To acquire the net assets of three smaller companies, Shamrock authorized the issuance of an additional 162,000 common shares. The acquisitions took place as shown below.
Date of Acquisition Shares Issued
Company A April 1, 2020 50,400
Company B July 1, 2020 80,400
Company C October 1, 2020 31,200
On May 14, 2020, Shamrock realized a $ 88,800 (before taxes) insurance gain on discontinued operations. On December 31, 2020, Shamrock recorded income of $ 285,600 from continuing operations (after tax).
Assuming a 20% tax rate, compute the earnings per share data that should appear on the financial statements of Shamrock Industries as of December 31, 2020.