Reference no: EM132668474
On January 1, 2020, Coronado Industries had stock outstanding as follows.
6% Cumulative preferred stock, $100 par value, issued and outstanding 9,700 shares $970,000
Common stock, $10 par value, issued and outstanding 200,000 shares2,000,000
To acquire the net assets of three smaller companies, Coronado authorized the issuance of an additional 157,200 common shares. The acquisitions took place as shown below.
Date of Acquisition Shares Issued
Company A April 1, 2020 48,000
Company B July 1, 2020 78,000
Company C October 1, 2020 31,200
On May 14, 2020, Coronado realized a $92,400 (before taxes) insurance gain on discontinued operations. On December 31, 2020, Coronado recorded income of $291,600 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 Coronado Industries as of December 31, 2020. (Round answer to 2 decimal places, e.g. $2.55.)