Reference no: EM132121377
Question - Earnings per Share - At December 31, 2016, Shiga Naoya Corporation had the following stock outstanding.
10% cumulative preferred stock, $100 par, 107,500 shares $10,750,000
Common stock, $5 par, 4,000,000 shares 20,000,000
During 2017, Shiga Naoya did not issue any additional common stock. The following also occurred during 2017.
Income from continuing operations before taxes $23,650,000
Discontinued operations (loss before taxes) $3,225,000
Preferred dividends declared $1,075,000
Common dividends declared $2,200,000
Effective tax rate 35%
Instructions - Compute earnings per share data as it should appear in the 2017 income statement of Shiga Naoya Corporation.
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