At December 31, 2019, Shiga Naoya Corporation had the following stock outstanding.
10% cumulative preferred stock, $100 par, 107,500 shares $10,750,000
Common stock, $5 par, 4,000,000 shares 20,000,000
During 2020, Shiga Naoya did not issue any additional common stock. The following also occurred during 2020.
Income from continuing operations before taxes $23,650,000
Discontinued operations (loss before taxes) $ 3,225,000
Preferred dividends declared $ 1,075,000
Common dividends declared $ 2,200,000
Effective tax rate 17%
Required:
1. Compute earnings per share data as it should appear in the 2020 income statement of Shiga Naoya Corporation. (Round to two decimal places.)

The earnings per share data as it should appear in the 2020 income statement of Shiga Naoya Corporation is given below.

Explanation:

Net income:

Income from continuing

operation before income tax                                                        $23,650,000

Income tax (17% * 23,650,000)                                                         4,020,500

Income from continuing operations                                                19,629,500

Discontinued operations

       Loss before taxes                                            3,225,000

       Less applicable income tax (17%)                     548,250          2,676,750

Net income                                                                                        16,952,750

Preferred dividends declared                                                            1,075,000

Weighted average common shares outstanding                            4,000,000

Earnings per share:

Income from continuing operations

($19,629,500 - $ 1,075,000)/4,000,000                                               $4.63

Discontinued operations, net of tax

($2,676,750/4,000,000)                                                                        (0.66)                                                        

Net income

($16,952,750 - $1,075,000)/4,000,000                                                $3.96

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