Exercise 16-20 Your answer is partially correct . Try again On January 1 , 2017 , Swifty ifty Industries had stock outstanding as follows /….
Please explain the steps to this problem. Not sure why the income is wrong as well.
Exercise 16-20Your answer is partially correct . Try againOn January 1 , 2017 , Swiftyifty Industries had stock outstanding as follows/ Cumulative preferred stock , $190 par value , issued and outstanding 9 100 shares $910 ,090Common stock , $10 par value , issued and outstanding 185 000 shares1 860 000To acquire the net assets of three smaller companies , Swifty authorized theissuance of an additional 160 800 common shares . The acquisitioncquisitions took place as shown belowDate of AcquisitionShares IssuedCompany A April 1 , 201750 400Company B July 1 201779. 200Company C October 1 , 201731 200On May 14 , 2017 , Swifty realized a $86 400 ( before taxes ) insurance gain on discontinued operatOn December 31 , 2017 , Swifty recorded income of $289 200 from cantinuing operations ( after tax )Assuming a 50 % tax rate , compute the earnings per share data that should appearould appear on the financial statements of Swifty Industries as of December 31 , 2017 . ( Round answer to 2 decimal places , e.g$2.55. )For the Year Ended December 31 , 2017income From Continuing Operations289200Loss From Discontinued OperationsNet Income / ( Loss )Day