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Knight Co. owned 80% of the common stock of Stoop Co. Stoop had 50,000 shares of $5 par value comm stock and 2,000 shares of preferred stock outstanding. Each preferred share received an annual per share dividend of $10 and is convertible into four shares of common stock. Knight did not own any of Stoop's preferred stock. Stoop also had 600 bonds outstanding, each of which is convertible into ten shares of comm stock. Stoop's annual after-tax interest expense for the bonds was $22,000. Knight did not own any of Stoop bonds. Stoop reported income of $300,000 for 2011. 23. Wh earnings per share? at was the amount of Stoop's earnings that should be included in calculating consolidated diluted A. $300,000. B. $240,000. C. $257.600. D. $322,000. (E.$201.250. 24. Stoop's diluted earnings per share (rounded) is calculated to be A. $5.62. B. S3.26. C. $3.11. S5.03. E. $4.28 On January 1, 2011, Riney Co. owned 80% of the common stock of Garvin Co. On that date, Garvin's stockholders' equity accounts had the following balances: The balance in Riney's Investment in Garvin Co. account was $552,000, and the noncontrolling interest was $138,000. On January 1, 2011, Garvin Co. sold 10,000 shares of previously unissued common stock for $15 per share. Riney did not acquire any of these shares. 25. What is the balance in Investment in Garvin Co. after the sale of the 10,000 shares of common stock? A. $552,000. B$560,000. C. $460,000. D. S404,000. E. $672.000. 26. What is the balance in Noncontrolling Interest in Garvin Co. after the sale of the 10,000 shares of common stodk? A. $138,000. B. S101,000. C$280,000. D. $230,000. E. S168,000

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