Reference no: EM132325791
Question
On January 1, 2017, Coronado Industries had stock outstanding as follows.
6% Cumulative preferred stock, $100 par value, issued and outstanding 9,300 shares$930,000Common stock, $10 par value, issued and outstanding 208,000 shares2,080,000
To acquire the net assets of three smaller companies, Coronadoauthorized the issuance of an additional 156,000 common shares. The acquisitions took place as shown below.
Date of Acquisition
Shares Issued
Company A April 1, 201750,400Company B July 1, 201776,800Company C October 1, 201728,800
On May 14, 2017, Coronado realized a $88,800 (before taxes) insurance gain on discontinued operations.
On December 31, 2017, Coronado recorded income of $285,600 from continuing operations (after tax).
Assuming a 50% tax rate, compute the earnings per share data that should appear on the financial statements of Coronado Industries as of December 31, 2017. (Round answer to 2 decimal places, e.g. $2.55.)