The stockholders’ equity section of Kingbird Corporation appears
below as of December 31, 2020.
8% preferred stock, $50 par value, authorized | ||||
118,000 shares, outstanding 108,000 shares |
$5,400,000 |
|||
Common stock, $1.00 par, authorized and issued 12,000,000 shares |
12,000,000 |
|||
Additional paid-in capital |
24,600,000 |
|||
Retained earnings |
$160,800,000 |
|||
Net income |
39,600,000 |
200,400,000 |
||
$242,400,000 |
Net income for 2020 reflects a total effective tax rate of 20%.
Included in the net income figure is a loss of $21,600,000 (before
tax) as a result of a non-recurring major casualty. Preferred stock
dividends of $432,000 were declared and paid in 2020. Dividends of
$1,200,000 were declared and paid to common stockholders in
2020.
Compute earnings per share data as it should appear on the income
statement of Kingbird Corporation. (Round answers to 2
decimal places, e.g. 1.48.)
Earnings Per Share | ||
Net Income / (Loss) |
$ |
Earnings per share = (Net income - Preferred dividend) / Outstanding shares of Common Stock
= ($39600000 - 432000) / 12000000
= $3.26 per share
Earnings Per Share | ||
Net Income / (Loss) |
$3.26 |
The stockholders’ equity section of Kingbird Corporation appears below as of December 31, 2020. 8% preferred...
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