Homework Answers
Solution:
On January 1 2017 Cheyenne industries
Income statement for the year ended December 31, 2017
| Income from continuing operations | 1.08 |
| Discontinued operation gain net of tax | 0.18 |
| Net income / (loss) | 1.26 |
Working :
Pref dividend = $1,080,000 * 6%
= $64,800
Weighted average shares:
| Beginning ( 194,000 * 12/12 ) | 194,000 |
| April 1 , 2017(51,600 * 9/12) | 38,700 |
| July 1 , 2017(78,000 * 6/12) | 3,900 |
| Oct 1 ,2017(31,200 * 3/12) | 7,800 |
| Total | 244,400 |
Income from continuing operation = $ 330,000 - $ 64,800 / 244,400 = 1.08
Discontinued operation gain = $91,200 *(1-50%)
= $45,600 / 244,400 =0.18
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