At December 31, 2019, Coriander Corporation had the following stock outstanding.10% cumulative preferred stock, $100 par, 108,382 shares $10,838,200Common stock, $5 par, 4,028,120 shares 20,140,600During 2020, Coriander did not issue any additional common stock. The following also occurred during 2020.Income from continuing operations before taxes $23,047,100 Discontinued operations (loss before taxes) $3,399,700 Preferred dividends declared $1,083,820 Common dividends declared $2,390,900 Effective tax rate 35%Compute earnings per share data as it should appear in the 2020 income statement of Coriander Corporation.

Step 1 Net income is $12,770,810. It is obtained by subtracting the discontinued operations, net of…

Answered: At December 31, 2019, Coriander…

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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At December 31, 2019, Coriander Corporation had the following stock outstanding.

10% cumulative preferred stock, $100 par, 108,382 shares		$10,838,200
Common stock, $5 par, 4,028,120 shares		20,140,600

During 2020, Coriander did not issue any additional common stock. The following also occurred during 2020.

Income from continuing operations before taxes	$23,047,100
Discontinued operations (loss before taxes)	$3,399,700
Preferred dividends declared	$1,083,820
Common dividends declared	$2,390,900
Effective tax rate	35	%

Compute earnings per share data as it should appear in the 2020 income statement of Coriander Corporation.

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