The writer is very fast, professional and responded to the review request fast also. Thank you.
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
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