At December 31, 2019, Novak Corporation had the following stock outstanding. 10% cumulative preferred stock, $ 100 par, 108,214 shares $ 10,821,400 Common stock, $ 5 par, 4,029,700 shares 20,148,500 During 2020, Novak did not issue any additional common stock. The following also occurred during 2020. Income from continuing operations before taxes $ 22,695,800 Discontinued operations (loss before taxes) $ 3,396,000 Preferred dividends declared $ 1,082,140 Common dividends declared $ 2,098,800 Effective tax rate 35 %
At December 31, 2019, Novak Corporation had the following stock outstanding. 10% cumulative preferred stock, $ 100 par, 108,214 shares $ 10,821,400 Common stock, $ 5 par, 4,029,700 shares 20,148,500 During 2020, Novak did not issue any additional common stock. The following also occurred during 2020. Income from continuing operations before taxes $ 22,695,800 Discontinued operations (loss before taxes) $ 3,396,000 Preferred dividends declared $ 1,082,140 Common dividends declared $ 2,098,800 Effective tax rate 35 %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Compute earnings per share data as it should appear in the 2020 income statement of Novak Corporation. (Round answers to 2 decimal
places, e.g. 1.48.)
Earnings Per Share
Income from Continuing Operations
Discontinued Operations
Net Income / (Loss)
%24
%24
>
>
Transcribed Image Text:At December 31, 2019, Novak Corporation had the following stock outstanding.
10% cumulative preferred stock, $ 100 par, 108,214 shares
$ 10,821,400
Common stock, $ 5 par, 4,029,700 shares
20,148,500
During 2020, Novak did not issue any additional common stock. The following also occurred during 2020.
Income from continuing operations before taxes
$ 22,695,800
Discontinued operations (loss before taxes)
$ 3,396,000
Preferred dividends declared
$ 1,082,140
Common dividends declared
$ 2,098,800
Effective tax rate
35 %
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