On January 1, 2017, Grouper Industries had stock outstanding as follows. ...
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Accounting
On January 1, 2017, Grouper Industries had stock outstanding as follows.
6% Cumulative preferred stock, $100 par value, issued and outstanding 9,800 shares
$980,000
Common stock, $10 par value, issued and outstanding 189,000 shares
1,890,000
To acquire the net assets of three smaller companies, Grouper authorized the issuance of an additional 160,800 common shares. The acquisitions took place as shown below.
Date of Acquisition
Shares Issued
Company A April 1, 2017
49,200
Company B July 1, 2017
82,800
Company C October 1, 2017
28,800
On May 14, 2017, Grouper realized a $87,600 (before taxes) insurance gain on discontinued operations. On December 31, 2017, Grouper recorded income of $321,600 from continuing operations (after tax). Assuming a 50% tax rate, compute the earnings per share data that should appear on the financial statements of Grouper Industries as of December 31, 2017. (Round answer to 2 decimal places, e.g. $2.55.)
Grouper Industries Income Statement For the Year Ended December 31, 2017
Income From Continuing Operations =
$
Discontinued Operations Gain, Net of Tax =
Net Income / (Loss) =
$
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