To acquire the net assets of three smaller companies, Bailey authorized the issuance of an additional 170,000 common shares. The acquisitions took place as shown below:
Company A April 1, 2012 = 60,000 shares issued.
Company B July 1, 2012 = 80,000 shares issued.
Company C October 1, 2012 = 30,000 shares issued.
On May 14, 2012, Bailey realized a $90,000(before taxes) insurance gain on the expropriation of investments originally purchased in 2000. on December 31, 2012, Bailey recorded net income of $300,000 before tax and exclusive of the gain.
Assuming a 40% tax rate, compute the earnings per share data that should appear on the financial statements of Bailey Industries as of December 31, 2012. Assume that the expropriation is extraordinary.
This question was asked on Aug 07, 2011 and answered on Aug 07, 2011.
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