Reference no: EM131025305
On January 1, 2014, Lennon Industries had stock outstanding as follows. 6% Cumulative preferred stock, $114 par value, issued and outstanding 11,900 shares $1,356,600 Common stock, $12 par value, issued and outstanding 226,800 shares 2,721,600
To acquire the net assets of three smaller companies, Lennon authorized the issuance of an additional 237,600 common shares. The acquisitions took place as shown below. Date of Acquisition Shares Issued Company A April 1, 2014 93,600 Company B July 1, 2014 116,400 Company C October 1, 2014 27,600
On May 14, 2014, Lennon realized a $139,200 (before taxes) insurance gain on the expropriation of investments originally purchased in 2000.
On December 31, 2014, Lennon recorded net income of $386,400 before tax and exclusive of the gain.
Assuming a 45% tax rate, compute the earnings per share data that should appear on the financial statements of
Lennon Industries as of December 31, 2014. Assume that the expropriation is extraordinary. (Round answer to 2 decimal places, e.g. $2.55.)
Lennon IndustriesIncome StatementFor the year ended December 31, 2014
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