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1. • CommentAuthornetfru2004
   • CommentTimeOct 24th 2007

    
   (Earnings per Share)
   
   At December 31, 2006, 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 2007, Shiga Naoya's did not issue any additional stock. The following also occurred during 2007.
   
   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 35%
   
   
   Instructions
   
   Compute earnings per share data as it should appear in the 2007 income statement of Shiga Naoya Corporation. (Round answers to 2 decimal places. Enter all amounts as positive amounts and subtract where necessary.)
   
   Earnings per share
   Income from continuing operations $
   Discontinued operations, net of tax
   Net income $