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I am struggling on this problem really and when I have asked for the professor's help I am being blown off. I really need help and don't know where
I am struggling on this problem really and when I have asked for the professor's help I am being blown off. I really need help and don't know where else to turn. Can someone please help me solve this and explain how they got it so that I can understand how the numbers and figures are solved.
Exercise 16-20Your answer is partially correct. Try again.
On January 1, 2017, Crane Industries had stock outstanding as follows.
6% Cumulative preferred stock, $100 par value, issued and outstanding 9,800 shares$980,000Common stock, $10 par value, issued and outstanding 206,000 shares2,060,000
To acquire the net assets of three smaller companies, Crane authorized the issuance of an additional 158,400 common shares. The acquisitions took place as shown below.
Date of Acquisition
Shares Issued
Company A April 1, 201748,000Company B July 1, 201780,400Company C October 1, 201730,000
On May 14, 2017, Crane realized a $88,800 (before taxes) insurance gain on discontinued operations.
On December 31, 2017, Crane recorded income of $274,800 from continuing operations (after tax).
Assuming a 50% tax rate, compute the earnings per share data that should appear on the financial statements of Crane Industries as of December 31, 2017. (Round answer to 2 decimal places, e.g. $2.55.)
Crane Industries
Income Statement
December 31, 2017
For the Year Ended December 31, 2017
For the Quarter Ended December 31, 2017
Income From Continuing Operations
Loss From Discontinued Operations
Net Income / (Loss)
I have the labels of what is suppose to go the name boxes I just don't understand how to get the numbers. Thank you for your help.
