Reference no: EM132466641

At December 31, 2019, Sheffield Corporation had the following stock outstanding.

1. During 2020, Sheffield did not issue any additional common stock. The following also occurred during 2020.

Compute earnings per share data as it should appear in the 2020 income statement of Sheffield Corporatio

At December 31, 2019, Sheffield Corporation had the following stock outstanding.

10% cumulative preferred stock, $100 par,               109,304 shares $10,930,400

Common stock, $5 par, 4,070,540 shares                                20,352,700

During 2020, Sheffield did not issue any additional common stock. The following also occurred during 2020.

Income from continuing operations before taxes         $23,082,300

Discontinued operations (loss before taxes)                     $3,316,900

Preferred dividends declared                                         $1,093,040

Common dividends declared                                           $2,221,700

Effective tax rate                                                              35 %

Question 1: Compute earnings per share data as it should appear in the 2020 income statement of Sheffield Corporation. (Round answers to 2 decimal places, e.g. 1.48.)