Question

On January 1, 2020, Blossom Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100...

On January 1, 2020, Blossom Industries had stock outstanding as follows.

6% Cumulative preferred stock, $100 par value, issued and outstanding 9,700 shares $970,000
Common stock, $10 par value, issued and outstanding 203,000 shares 2,030,000


To acquire the net assets of three smaller companies, Blossom authorized the issuance of an additional 163,200 common shares. The acquisitions took place as shown below.

Date of Acquisition

Shares Issued
Company A April 1, 2020 49,200
Company B July 1, 2020 82,800
Company C October 1, 2020 31,200


On May 14, 2020, Blossom realized a $91,200 (before taxes) insurance gain on discontinued operations. On December 31, 2020, Blossom recorded income of $330,000 from continuing operations (after tax).

Assuming a 20% tax rate, compute the earnings per share data that should appear on the financial statements of Blossom Industries as of December 31, 2020. (Round answer to 2 decimal places, e.g. $2.55.)

Blossom Industries
Income Statement
                                                          December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020

                                                          Discontinued Operations Gain, Net of TaxDividendsExpensesExtraordinary LossExtraordinary GainIncome Before Extraordinary ItemIncome From Continuing OperationsIncome Per Share Before Extraordinary ItemLoss From Discontinued OperationsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues

$

                                                          Discontinued Operations Gain, Net of TaxDividendsExpensesExtraordinary LossExtraordinary GainIncome Before Extraordinary ItemIncome From Continuing OperationsIncome Per Share Before Extraordinary ItemLoss From Discontinued OperationsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues

                                                          Discontinued Operations Gain, Net of TaxDividendsExpensesExtraordinary LossExtraordinary GainIncome Before Extraordinary ItemIncome From Continuing OperationsIncome Per Share Before Extraordinary ItemLoss From Discontinued OperationsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues

$
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