Please do not give solution in image format thanku On September 1, 2023, Pin acquires all of Skin's shares, by issuing 15,000 shares of commonstock. The following information is related to Pin & Skin at December 31, 2023.Pin$420,0002023O a. $9.0O b. $7.0O c. $8.0O d. $10.0Net Income evenly distributed duringthe year20,000# of outstanding sharesCalculate the consolidated earnings per share (EPS) for the year ended December 31, 2023.Skin$150,00060,000

A holding company is a parent company — usually a corporation or LLC — that is created to buy and…

Answered: On September 1, 2023,

Business

Accounting

On September 1, 2023,

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 4MCQ

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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

Please do not give solution in image format thanku

On September 1, 2023, Pin acquires all of Skin's shares, by issuing 15,000 shares of common
stock. The following information is related to Pin & Skin at December 31, 2023.
Pin
$420,000
2023
O a. $9.0
O b. $7.0
O c. $8.0
O d. $10.0
Net Income evenly distributed during
the year
20,000
# of outstanding shares
Calculate the consolidated earnings per share (EPS) for the year ended December 31, 2023.
Skin
$150,000
60,000

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