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Problem - A portion of the combined statement of income and retained earnings of Metlock Inc. for the current year follows.
Income before extraordinary item
$15,080,000
Loss from discontinued operations, net of applicable income tax (Note 1)
1,310,000
Net income
13,770,000
Retained earnings at the beginning of the year
82,660,000
96,430,000
Dividends declared:
On preferred stock-$6.00 per share
$318,000
On common stock-$1.75 per share
14,980,000
15,298,000
Retained earnings at the end of the year
$81,132,000
Note - During the year, Metlock Inc. suffered a major loss from discontinued operations of $1,310,000 after applicable income tax reduction of $1,230,000.
At the end of the current year, Metlock Inc. has outstanding 8,450,000 shares of $10 par common stock and 53,000 shares of 6% preferred. On April 1 of the current year, Metlock Inc. issued 1,000,000 shares of common stock for $32 per share to help finance the loss from discontinued operations.
Required - Compute the earnings per share on common stock for the current year as it should be reported to stockholders.
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