On January 1, 2017, Teal Industries had stock outstanding as follows. 6% Cumulative preferred stock,...
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On January 1, 2017, Teal Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100 par value, issued and outstanding 9,700 shares $970,000 Common stock, $10 par value, issued and outstanding 218,000 shares 2,180,000 To acquire the net assets of three smaller companies, Teal 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 50,400 Company B July 1, 2017 81,600 Company C October 1, 2017 28,800 On May 14, 2017, Teal realized a $91,200 (before taxes) insurance gain on discontinued operations. On December 31, 2017, Teal recorded income of $273,600 from continuing operations (after tax). Assuming a 50% tax rate, compute the earnings per share data that should appear on the financial statements of Teal Industries as of December 31, 2017. (Round answer to 2 decimal places, e.g. $2.55.) Teal Industries Income Statement Entry field with correct answer Entry field with correct answer $Entry field with incorrect answer Entry field with correct answer Entry field with incorrect answer Entry field with correct answer $Entry field with incorrect answer
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