E5-11 The stockholder's equity section of Tkachuk Corporation appears below as of December 31, 2008.
8% preferred stock, $50 par value, authorized
100,000 shares, outstanding 90,000 shares $4,500,000
Common stock, $1.00 par, authorized and issued
10 million shares 10,000,000
Additional paid-in Capital 20,500,000
Retained earnings $134,000,000
Net income 33,000,000 167,000,000
Net Income $202,000,000
Net income for 2008 reflects a total effective tax rate of 34%. Included in the net income figure is a loss of $18,000,000 (before tax) as a result of a major casualty, which should be classified as an extraordinary item. Preferred stock dividend of $360,000 were declared and paid in 2008. Dividend of $1,000,000 were declared and paid to common stockholders in 2008.
Compute earnings per share data as it should appear on the income statement of Tkachuk Corporation.
Your tutorial is attached in Excel. Please click in cells to see computations.