(Answered) Question - earnings per share at december 31 2011 shulo

Accounting

Question - Earnings per Share

At December 31, 2011, Shulo Corporation had the following stock outstanding.

10% cumulative preferred stock, $100 par, 202,000 shares $20,200,000, Common stock, $1 par, 4,000,000 shares 4,000,000,

During 2012, Shulo did not issue any additional common stock. The following also occurred during2012.

Income from continuing operations before taxes $61,500,000,

Discontinued operations (income before taxes) 6,500,000,

Preferred dividends declared 2,020,000,

Common dividends declared 1,800,000,

Effective tax rate 40%.

Instructions: Compute earnings per share data as it should appear in the 2012 income statement of Shulo Corporation.

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