Mattoon, Inc., owns 80 percent of Effingham Company. For the current year, this combined entity...
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Mattoon, Inc., owns 80 percent of Effingham Company. For the current year, this combined entity reported consolidated net income of $507,500. Of this amount, $471,750 was attributable to Mattoons controlling interest while the remaining $35,750 was attributable to the noncontrolling interest. Mattoon has 111,000 shares of common stock outstanding, and Effingham has 40,500 shares outstanding. Neither company has issued preferred shares or has any convertible securities outstanding. On the face of the consolidated income statement, how much should be reported as Mattoons earnings per share?
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