wiley plus
Question Description
On January 1, 2012, Bailey Industries had stock outstanding as follows.
6% Cumulative preferred stock, $116 par value, |
$1,218,000 |
Common stock, $10 par value, issued and |
2,028,000 |
To acquire the net assets of three smaller companies, Bailey authorized the
issuance of an additional 271,200 common shares. The acquisitions
took place as shown below.
Date of Acquisition |
Shares Issued |
Company A April 1, 2012 |
105,600 |
Company B July 1, 2012 |
124,800 |
Company C October 1, 2012 |
40,800 |
On May 14, 2012, Bailey realized a $140,400 (before taxes) insurance gain
on the expropriation of investments originally purchased in 2000.
On December 31, 2012, Bailey recorded net income of $312,000 before tax
and exclusive of the gain.
Assuming a 42% tax rate, compute the earnings per share data that should
appear on the financial statements of Bailey Industries as of December 31,
2012. Assume that the expropriation is extraordinary. (Round
answer to 2 decimal places, e.g. $2.55.)
Bailey Industries |
|
Dividends Expenses Extraordinary Loss per share Extraordinary Gain per share Income Before Extraordinary Item Income From Continuing Operations Income Per Share Before Extraordinary Item Loss From Discontinued Operations Net Income / (Loss) per share Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues |
$ |
Dividends Expenses Extraordinary Loss per share Extraordinary Gain per share Income Before Extraordinary Item Income From Continuing Operations Income Per Share Before Extraordinary Item Loss From Discontinued Operations Net Income / (Loss) per share Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues |
|
Dividends Expenses Extraordinary Loss per share Extraordinary Gain per share Income Before Extraordinary Item Income From Continuing Operations Income Per Share Before Extraordinary Item Loss From Discontinued Operations Net Income / (Loss) per share Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues |
$ |
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