4008. Poppy Corporation owns 60 percent of Seed Company's common shares. Balance sheet data for the companies on December 31,20X2, are as follows:AssetsCashAccounts ReceivableInventory.Buildings and EquipmentLess: Accumulated DepreciationInvestment in Seed Company StockTotal AssetsLiabilities and Owners' EquityAccounts PayableBonds PayableCommon Stock ($10 par value)Retained EarningsTotal Liabilities and Owners' EquityPoppyCorporation$ 92,00081,000112,000660,000(210,000)132,000$ 867,000Seed Company$ 34,00053,000100,000Required:Compute basic and diluted EPS for the consolidated entity for 20X2Mata Band to dealmal l98,000(74,000)$ 501,000$ 87,000250,000300,000230,000$ 867,000 $ 501,000$ 81,000200,000100,000120,000The bonds of Poppy Corporation and Seed Company pay annual interest of 8 percent and 10 percent, respectively. Poppy's bonds arenot convertible. Seed's bonds can be converted into 10,000 shares of its company stock any time after January 1, 20X1. An income taxrate of 40 percent is applicable to both companies. Seed reports net income of $38,000 for 20x2 and pays dividends of $16,000.Poppy reports income from its separate operations of $54,000 and pays dividends of $25,000.

It represents the portion of a company's profit allocated to each outstanding share of common stock.…

Poppy Corporation owns 60 percent of Seed Company's common shares. Balance sheet data for the companies on December 31, 20X2, are as follows: Assets Cash Accounts Receivable Inventory Buildings and Equipment Less: Accumulated Depreciation. Investment in Seed Company Stock Total Assets Liabilities and Owners' Equity Accounts Payable Bonds Payable Common Stock ($10 par value) Retained Earnings Total Liabilities and Owners' Equity Poppy Corporation $ 92,000 81,000 112,000 660,000 (210,000) 112,000 $ 867,000 $ 87,000 250,000 300,000 230,000 $ 867,000 Seed Company $ 34,000 53,000 100,000 98,000 (74,000) $ 501,000 $ 81,000 200,000 100,000 120,000 $ 501,000

Poppy Corporation owns 60 percent of Seed Company's common shares. Balance sheet data for the companies on December 31, 20X2, are as follows: Assets Cash Accounts Receivable Inventory Buildings and Equipment Less: Accumulated Depreciation. Investment in Seed Company Stock Total Assets Liabilities and Owners' Equity Accounts Payable Bonds Payable Common Stock ($10 par value) Retained Earnings Total Liabilities and Owners' Equity Poppy Corporation $ 92,000 81,000 112,000 660,000 (210,000) 112,000 $ 867,000 $ 87,000 250,000 300,000 230,000 $ 867,000 Seed Company $ 34,000 53,000 100,000 98,000 (74,000) $ 501,000 $ 81,000 200,000 100,000 120,000 $ 501,000

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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