Prepare a comparative income statement for the years ended May 31, 2021, and 2020. Assume that Wildhorse discloses allapplicable earnings per share data on the face of the income statement. (Round Earnings Per Share answers to 2 decimal places, e.g.15.25.)WILDHORSE CORPORATIONComparative Income StatementEarnings per common share:>$$$$2021$$$I2020$ Wildhorse Corporation, a publicly traded company, is preparing the comparative financial statements to be included in the annualreport to shareholders. Wildhorse's fiscal year ends May 31. The following information is available.1.2.3.4.5.6.7.1.Income from operations before income tax for Wildhorse was $1,500,000 and $1,900,000, respectively, for the fiscal yearsended May 31, 2021, and 2020.2.Wildhorse experienced a loss from discontinued operations of $600,000 from a business segment disposed of on March 3,2021.A 20% combined income tax rate applies to all of Wildhorse Corporation's profits, gains, and losses.Wildhorse's capital structure consists of preferred shares and common shares. The company has not issued any convertiblesecurities or warrants and there are no outstanding stock options.Wildhorse issued 136,000 of $10 par value, 5% cumulative preferred shares in 2013. All of these shares are outstanding, andno preferred dividends are in arrears.Determine the weighted average number of common shares that would be used in calculating earnings per share on the currentcomparative income statement for:There were 1.60 million common shares outstanding on June 1, 2019. On September 1, 2019, Wildhorse sold an additional300,000 common shares at $20 per share. Wildhorse distributed a 20% stock dividend on the common shares outstanding onDecember 1, 2020.These were the only common share transactions during the past two fiscal years.The year ended May 31, 2021The year ended May 31, 2020

Given in the question:Common SharesCommon Shares on June 1, 2019 = 1,600,000On September 1, 2019…

Answered: Prepare a comparative income statement…

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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