Following are separate income statements for Amarillo, Incorporated, and its 80 percent-owned subsidiary, Saltillo Corporation as wellas a consolidated statement for the business combination as a whole (credit balances indicated by parentheses).AccountsRevenuesCost of goods soldOperating expensesEquity in earnings of SaltilloIndividual company net incomeConsolidated net incomeNoncontrolling interest in consolidated net incomeConsolidated net income attributable to AmarilloAmarillo Saltillo$ (716,000) $ (516,000)416,000284,00086,000116,000(96, 800)$ (280,800) $ (146,000)Answer is complete but not entirely correct.EarningsPer Share4.383.86Consolidated$ (1,232,000)Additional InformationAnnual excess fair over book value amortization of $25,000 resulted from the acquisition.• The parent applies the equity method to this investment.• Amarillo has 55,000 shares of common stock and 5,000 shares of preferred stock outstanding. Owners of the preferred stock arepaid an annual dividend of $40,000, and each share can be exchanged for four shares of common stock.BasicDiluted700,000227,000• Saltillo has 45,000 shares of common stock outstanding.• Saltillo has convertible bonds outstanding, none of which Amarillo owned. During the current year, total interest expense (net oftaxes) was $30,000. These bonds can be exchanged for 13,000 shares of the subsidiary's common stock.$$$ (305,000)(24, 200)$ (280,800)Required:Determine Amarillo's basic and diluted EPS.Note: Round your intermediate percentage value to 1 decimal place. Round your final answers to 2 decimal places.

Basic earning per share :Basic Earnings Per Share (EPS) is a financial metric that represents the…

Answered: Required: Determine Amarillo's basic…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 24E

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Required: Determine Amarillo's basic and diluted EPS.