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At December 31, 2016, Flounder Corporation had the following stock outstanding.
10% cumulative preferred stock, $100 par, 107,579 shares $10,757,900
Common stock, $5 par, 4,074,720 shares 20,373,600
During 2017, Flounder did not issue any additional common stock. The following also occurred during 2017.
Income from continuing operations before taxes $21,919,000
Discontinued operations (loss before taxes) $3,300,700
Preferred dividends declared $1,075,790
Common dividends declared $2,181,700
Effective tax rate 35 %
Compute earnings per share data as it should appear in the 2017 income statement of Flounder Corporation.
Discontinued operations
Income from continued operations
Net Income / (loss)
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