On January 1, 2012, Bailey Industries had stock outstanding as follows.
6% Cumulative preferred stock, $111 par value,
issued and outstanding 11,300 shares |
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$1,254,300 |
Common stock, $11 par value, issued and
outstanding 204,000 shares |
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2,244,000 |
To acquire the net assets of three smaller companies, Bailey authorized the issuance of an additional 234,000 common shares. The acquisitions took place as shown below.
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Date of Acquisition
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Shares Issued
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| Company A April 1, 2012 |
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92,400 |
| Company B July 1, 2012 |
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116,400 |
| Company C October 1, 2012 |
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25,200 |
On May 14, 2012, Bailey realized a $126,000 (before taxes) insurance gain on the expropriation of investments originally purchased in 2000.
On December 31, 2012, Bailey recorded net income of $415,200 before tax and exclusive of the gain.
Assuming a 43% tax rate, compute the earnings per share data that should appear on the financial statements of Bailey Industries as of December 31, 2012. Assume that the expropriation is extraordinary. (Round answer to 2 decimal places, e.g. $2.55.)
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Bailey Industries
Income Statement
For the year ended December 31, 2012
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 DividendsExpensesExtraordinary Loss per shareExtraordinary Gain per shareIncome Before Extraordinary ItemIncome From Continuing OperationsIncome Per Share Before Extraordinary ItemLoss From Discontinued OperationsNet Income / (Loss) per shareRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
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$
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DividendsExpensesExtraordinary Loss per shareExtraordinary Gain per shareIncome Before Extraordinary ItemIncome From Continuing OperationsIncome Per Share Before Extraordinary ItemLoss From Discontinued OperationsNet Income / (Loss) per shareRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
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DividendsExpensesExtraordinary Loss per shareExtraordinary Gain per shareIncome Before Extraordinary ItemIncome From Continuing OperationsIncome Per Share Before Extraordinary ItemLoss From Discontinued OperationsNet Income / (Loss) per shareRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
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