Exercise 16-20 On January 1, 2017, sage Industries had stock outstanding as follows. 6% cumulative...
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Exercise 16-20 On January 1, 2017, sage Industries had stock outstanding as follows. 6% cumulative preferred stock, $100 par value, issued and outstanding 9,200 shares $920,000 Common stock, $10 par value, issued and outstanding 205,000 shares To acquire the net assets of three smaller companies, Sage authorized the issuance of an additional 162,000 common 2,050,000 shares. The acquisitions took place as shown below. Date of Acquisition Shares Issued Company A April 1, 2017 Company B July 1, 2017 Company C October 1, 2017 51,600 80,400 30,000 On May 14, 2017, Sage realized a $87,600 (before taxes) insurance gain on discontinued operations. On December 31, 2017, Sage recorded income of $303,600 from continuing operations (after tax) Assuming a 50% tax rate, compute the earnings per share data that should appear on the financial statements of Sage Industries as of December 31, 2017. (Round answer to 2 decimal places, e.g. $2.55)
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