Problem: On January 1, 2017, Sunland Industries had stock outstanding as follows.
6% Cumulative preferred stock, $100 par value, issued and outstanding 10,100 shares $1,010,000 Common stock, $10 par value, issued and outstanding 199,000 shares 1,990,000
To acquire the net assets of three smaller companies, Sunland authorized the issuance of an additional 158,400 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 78,000
Company C October 1, 2017 30,000
On May 14, 2017, Sunland realized a $91,200 (before taxes) insurance gain on discontinued operations.
On December 31, 2017, Sunland recorded income of $298,800 from continuing operations (after tax).
Assuming a 50% tax rate, compute the earnings per share data that should appear on the financial statements of Sunland Industries as of December 31, 2017
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