Reference no: EM132476454
Problem - On January 1, 2017, Teal Industries had stock outstanding as follows.
6% Cumulative preferred stock, $100 par value, issued and outstanding 10,100 shares $1,010,000Common stock, $10 par value, issued and outstanding 180,000 shares 1,800,000
To acquire the net assets of three smaller companies, Teal authorized the issuance of an additional 159,600 common shares. The acquisitions took place as shown below.
Date of Acquisition Shares Issued
Company A April 1, 2017 50,400
Company B July 1, 2017 80,400
Company C October 1, 2017 28,800
On May 14, 2017, Teal realized a $88,800 (before taxes) insurance gain on discontinued operations.
On December 31, 2017, Teal recorded income of $312,000 from continuing operations (after tax).
Assuming a 50% tax rate, compute the earnings per share data that should appear on the financial statements of Teal Industries as of December 31, 2017.