Reference no: EM132405193
Question
On January 1, 2017, Concord Industries had stock outstanding as follows.
6% Cumulative preferred stock, $100 par value, issued and outstanding 9,600 shares$960,000Common stock, $10 par value, issued and outstanding 181,000 shares1,810,000
To acquire the net assets of three smaller companies, Concord 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, 201749,200Company B July 1, 201779,200Company C October 1, 201731,200
On May 14, 2017, Concord realized a $90,000 (before taxes) insurance gain on discontinued operations.
On December 31, 2017, Concord 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 Concord Industries as of December 31, 2017.
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