On january 1 2014 lennon industries had stock outstanding


On January 1, 2014, Lennon Industries had stock outstanding as follows. 6% Cumulative preferred stock, $108 par value, issued and outstanding 11,900 shares $1,285,200 Common stock, $11 par value, issued and outstanding 282,000 shares 3,102,000 To acquire the net assets of three smaller companies, Lennon authorized the issuance of an additional 272,400 common shares. The acquisitions took place as shown below. Date of Acquisition Shares Issued Company A April 1, 2014 110,400 Company B July 1, 2014 130,800 Company C October 1, 2014 31,200 On May 14, 2014, Lennon realized a $153,600 (before taxes) insurance gain on the expropriation of investments originally purchased in 2000. On December 31, 2014, Lennon recorded net income of $351,600 before tax and exclusive of the gain. Assuming a 42% tax rate, compute the earnings per share data that should appear on the financial statements of Lennon Industries as of December 31, 2014. Assume that the expropriation is extraordinary.

Request for Solution File

Ask an Expert for Answer!!
Financial Accounting: On january 1 2014 lennon industries had stock outstanding
Reference No:- TGS01604130

Expected delivery within 24 Hours