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A portion of the combined statement of income and retained earnings of Wildhorse Inc. for the current year follows. Income from continuing operations $15,013,825 Loss from discontinued operations, net of applicable income tax (Note 1) 1,382,525 Net income 13,631,300 Retained earnings at the beginning of the year 82,490,000 96,121,300 Dividends declared: On preferred stock-$6.00 per share On common stock-$1.75 per share Retained earnings at the end of the yer $294,000 15,080,000 15,374,000 $80,747,300 Note 1. During the year, Wildhorse Inc. suffered a major loss from discontinued operations of $1,382,525 after applicable income tax reduction of $1,170,000. At the end of the current year, Wildhorse Inc. has outstanding 8,380,000 shares of $10 par common stock and 49,000 shares of 6% preferred. On April 1 of the current year, Wildhorse Inc. issued 990,000 shares of common stock for $30 per share to help finance the loss from discontinued operations. Compute the earnings per share on common stock for the current year as it should be reported to stockholders. (Round answer to 2 decimal places, e.g. 2.55.) WILDHORSE INC. Income Statement For the Year Ended December 31 Income from Continuing Operations Loss from Discontinued Operations Net Income/(Loss) > $ $

A portion of the combined statement of income and retained earnings of Wildhorse Inc. for the current year follows. Income from continuing operations $15,013,825 Loss from discontinued operations, net of applicable income tax (Note 1) 1,382,525 Net income 13,631,300 Retained earnings at the beginning of the year 82,490,000 96,121,300 Dividends declared: On preferred stock-$6.00 per share On common stock-$1.75 per share Retained earnings at the end of the yer $294,000 15,080,000 15,374,000 $80,747,300 Note 1. During the year, Wildhorse Inc. suffered a major loss from discontinued operations of $1,382,525 after applicable income tax reduction of $1,170,000. At the end of the current year, Wildhorse Inc. has outstanding 8,380,000 shares of $10 par common stock and 49,000 shares of 6% preferred. On April 1 of the current year, Wildhorse Inc. issued 990,000 shares of common stock for $30 per share to help finance the loss from discontinued operations. Compute the earnings per share on common stock for the current year as it should be reported to stockholders. (Round answer to 2 decimal places, e.g. 2.55.) WILDHORSE INC. Income Statement For the Year Ended December 31 Income from Continuing Operations Loss from Discontinued Operations Net Income/(Loss) > $ $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A portion of the combined statement of income and retained earnings of Wildhorse Inc. for the current year follows. Income from continuing operations $15,013,825 Loss from discontinued operations, net of applicable income tax (Note 1) 1,382,525 Net income 13,631,300 Retained earnings at the beginning of the year 82,490,000 96,121,300 Dividends declared: On preferred stock-$6.00 per share On common stock-$1.75 per share Retained earnings at the end of the yer $294,000 15,080,000 15,374,000 $80,747,300 Note 1. During the year, Wildhorse Inc. suffered a major loss from discontinued operations of $1,382,525 after applicable income tax reduction of $1,170,000. At the end of the current year, Wildhorse Inc. has outstanding 8,380,000 shares of $10 par common stock and 49,000 shares of 6% preferred. On April 1 of the current year, Wildhorse Inc. issued 990,000 shares of common stock for $30 per share to help finance the loss from discontinued operations. Compute the earnings per share on common stock for the current year as it should be reported to stockholders. (Round answer to 2 decimal places, e.g. 2.55.) WILDHORSE INC. Income Statement For the Year Ended December 31 Income from Continuing Operations Loss from Discontinued Operations Net Income/(Loss) > $ $
Transcribed Image Text:A portion of the combined statement of income and retained earnings of Wildhorse Inc. for the current year follows. Income from continuing operations $15,013,825 Loss from discontinued operations, net of applicable income tax (Note 1) 1,382,525 Net income 13,631,300 Retained earnings at the beginning of the year 82,490,000 96,121,300 Dividends declared: On preferred stock-$6.00 per share On common stock-$1.75 per share Retained earnings at the end of the yer $294,000 15,080,000 15,374,000 $80,747,300 Note 1. During the year, Wildhorse Inc. suffered a major loss from discontinued operations of $1,382,525 after applicable income tax reduction of $1,170,000. At the end of the current year, Wildhorse Inc. has outstanding 8,380,000 shares of $10 par common stock and 49,000 shares of 6% preferred. On April 1 of the current year, Wildhorse Inc. issued 990,000 shares of common stock for $30 per share to help finance the loss from discontinued operations. Compute the earnings per share on common stock for the current year as it should be reported to stockholders. (Round answer to 2 decimal places, e.g. 2.55.) WILDHORSE INC. Income Statement For the Year Ended December 31 Income from Continuing Operations Loss from Discontinued Operations Net Income/(Loss) > $ $
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