Question - On January 1, 2017, Bonita Industries had stock outstanding as follows.
6% Cumulative preferred stock, $100 par value, issued and outstanding 10,100 shares$1,010,000Common stock, $10 par value, issued and outstanding 180,000 shares1,800,000
To acquire the net assets of three smaller companies, Bonita authorized the issuance of an additional 159,600 common shares. The acquisitions took place as shown below.
Date of Acquisition
Shares Issued
Company A April 1, 201750,400Company B July 1, 201780,400Company C October 1, 201728,800
On May 14, 2017, Bonita realized a $88,800 (before taxes) insurance gain on discontinued operations.
On December 31, 2017, Bonita recorded income of $312,000 from continuing operations (after tax).
Assuming a 50% tax rate, compute the earnings per share data that should appear on the financial statements of Bonita Industries as of December 31, 2017.