Selected financial information of Keiras Kites Inc. for the current year follows: (PLEASE SHOW ALL...
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Accounting
- Selected financial information of Keiras Kites Inc. for the current year follows: (PLEASE SHOW ALL WORK)
Income from continuing operations $53,500,000
Income from discontinued operations, net of applicable income tax 6,250,000
Net income 59,750,000
Retained earnings at the beginning of the year 268,450,000
328,200,000
Dividends declared:
On preferred stock $2,000,000
On common stock$1 per share $21,500,000
-23,500,000
Retained earnings at the end of the year $304,700,000
At the end of the current year, Keiras Kites Inc. has outstanding 21,500,000 shares of $1 par common stock and 200,000 shares of 10%, $100 par preferred.
There were no changes in shares outstanding during the year.
Instructions:
Compute the earnings per share on common stock for the current year as it should be reported to stockholders
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