Reference no: EM132942568
Karathen Inc. (Karathen) reports under IFRS. Excerpts from Karathen's Jan 1, 2020 balance sheet are as follows:
Preferred shares ($3.50 cumulative, non-voting, 500,000 authorized, 128,000 issued & outstanding) $ 9,200,000 Common shares (unlimited authorized, 4,200,000 issued & outstanding) 146,700,000
Contributed surplus 1,900,000
Retained earnings 23,800,000
AOCI (1,900,000)
Total shareholders' equity $ 179,700,000
- 2020 was a very successful year for Karathen. The company reported net income of $7,800,000 including a gain (after tax) of $1,300,000 on its discontinued Atlantis division. The market was very pleased with Karathen's performance, as reflected by the steady increase in the stock price through the year, averaging $68/share.
- On March 31, 2020, Karathen carried out a $16.5 million buyback of common shares at $58/share. On November 1, the company executed a 2 for 1 share split. Karathen paid dividends of $896,000 to its preferred shareholders and $2,100,000 to its common shareholders in December 2020.
Problem (a) Prepare the basic EPS reporting for Karathen. [Show all calculations; no need to present a partial income statement.]
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