Newton Company

Newton Company - Newton Company is preparing its annual...

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Unformatted text preview: Newton Company is preparing its annual earing per share amounts to be disclosed on its 2010 income statement. It has collected the following information at the end of 2010. 1. Net income: $120,400. Included in the net income from continuing operation of $130,400 and an extraordinary loss (net of income texes) of $10,000. Corporate income tax rate, 30%. 2. Common stock outstanding of January 1, 2010: 20,000 shares. 3. Common stock issuance during 2010: July 6, 4,000 shares: August 24, 3,000 shares. 4. Stock dividend: On October 19, 2010, the company declared a 10% stock dividend that resulted in 2,700 additional outstanding shares of common stock. 5. Common stock price: 2010 average market price, $30 per share; 2010 ending market price $27 per share. 6. 7% preferred stock outstanding on January 1, 2010: 1,000 shares. Terms: $100 par, 7% preferred stock outstanding on January 1, 2010: 1,000 shares....
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Newton Company - Newton Company is preparing its annual...

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