At December 31, 2019, Nash Corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 109,280 shares $10,928,000 Common stock, $5 par, 4,059,600 shares 20,298,000 During 2020, Nash did not issue any additional common stock. The following also occurred during 2020. Income from continuing operations before taxes $22,933,300 Discontinued operations (loss before taxes) $3,440,800 $1,092,800 $2,115,800 Preferred dividends declared Common dividends declared Effective tax rate 35 %

At December 31, 2019, Nash Corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 109,280 shares $10,928,000 Common stock, $5 par, 4,059,600 shares 20,298,000 During 2020, Nash did not issue any additional common stock. The following also occurred during 2020. Income from continuing operations before taxes $22,933,300 Discontinued operations (loss before taxes) $3,440,800 $1,092,800 $2,115,800 Preferred dividends declared Common dividends declared Effective tax rate 35 %

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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Current Attempt in Progress Your answer is incorrect. At January 1, 2020, Larkspur Company's outstanding shares included the following. 258,000 shares of $50 par value, 7% cumulative preferred stock 812,000 shares of $1 par value common stock Net income for 2020 was $2,521,000. No cash dividends were declared or paid during 2020. On February 15, 2021, however, all preferred dividends in arrears were paid, together with a 5% stock dividend on common shares. There were no dividends in arrears prior to 2020. On April 1, 2020, 408,000 shares of common stock were sold for $10 per share, and on October 1, 2020, 106,000 shares of common stock were purchased for $20 per share and held as treasury stock. Compute earnings per share for 2020. Assume that financial statements for 2020 were issued in March 2021. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share $