The stockholders\' equity section of Tkachuk Corporation appears below as of Dec

Question

The stockholders' equity section of Tkachuk Corporation appears below as of December 31, 2014. Net income for 2014 reflects a total effective tax rate of 34%. Included in the net income figure is a loss of $12,015,000 (before tax) as a result of a major casualty, which should be classified as an extraordinary item. Preferred stock dividends of $362,968 were declared and paid in 2014. Dividends of $1, 220,000 were declared and paid to common stockholders in 2014. Compute earnings per share data as it should appear on the income statement of Tkachuk Corporation. (Round answers to 2 decimal places, e.g. 1.48.)

Explanation / Answer

net income $        36,168,000 add common stock dividend $          1,220,000 add preferred stock dividend $              362,968 Income After Tax $        37,750,968 add tax @34% $ 19,447,468.36 income before tax $ 57,198,436.36 add extraordinary loss $ 12,015,000.00 income befor eod loss $ 69,213,436.36 Less tax@34% $ 23,532,568.36 after tax income $        45,680,868 Less: preferred dividend $              362,968 Income attributable to shareholders $        45,317,900 shares outstanding 10,670,000 EPS excluding effect of Casualty loss $                     4.25

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