Culver Corporation reported net income of $282,540 in 2020 and had 45,000 shares of common stock outstanding throughout the year. Also outstanding all year were 5,200 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. Culver's tax rate is 50%. Compute Culver's 2020 diluted earnings per share. (Round answer to 2 decimal places, e.g. 3.55.) Diluted earnings per share $
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- On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.Rockland Corporation earned net income of $300,000 in 2020 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $800,000 of 9% bonds, which are convertible into 16,000 shares of common. Rockland's tax rate is 20%. Compute Rockland's 2020 diluted earnings per share.Culver Corporation reported net income of $282,540 in 2020 and had 45,000 shares of common stock outstanding throughout the year. Also outstanding all year were 5,200 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. Culver’s tax rate is 50%.Compute Culver’s 2020 diluted earnings per share. (Round answer to 2 decimal places, e.g. 3.55.) Diluted earnings per share $
- DiCenta Corporation reported net income of $270,000 in 2020 and had 50,000 shares of common stock outstanding throughout the year. Also outstanding all year were 5,000 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. DiCenta's tax rate is 20%. Compute DiCenta's 2020 diluted earnings per share.Culver Corporation reported net income of $338,240 in 2020 and had 50,400 shares of common stock outstanding throughout the year. Also outstanding all year were 5,000 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. Culver’s tax rate is 50%.Compute Culver’s 2020 diluted earnings per share. (Round answer to 2 decimal places, e.g. 3.55.)Carla Corporation reported net income of $315,350 in 2020 and had 50,500 shares of common stock outstanding throughout the year. Also outstanding all year were 4,500 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. Carla’s tax rate is 30%.Compute Carla’s 2020 diluted earnings per share. (Round answer to 2 decimal places, e.g. 3.55.) Diluted earnings per share $
- Nash Corporation had net sales of $2,401,300 and interest revenue of $36,200 during 2020. Expenses for 2020 were cost of goods sold $1,460,400, administrative expenses $214,900, selling expenses $287,300, and interest expense $50,800. Nash’s tax rate is 30%. The corporation had 103,300 shares of common stock authorized and 73,710 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Nash Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)skysong corporation reported net income of $256,960 in 2020 and had 47,400 shares of commonstock outstanding all year were 5500 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. Skysong's tax rate is 50%. Compute Skysong's 2020 diluted earnings per share.On January 1, 2020, a company issued 10-year, $330,000 face value, 7% bonds, at par. Each $1,000 bond is convertible into 11 shares of common stock. The company’s net income in the year was $460,000, and its tax rate was 24%. The company had 100,000 shares of common stock outstanding throughout 2020. What is the numerator for computing diluted earnings per share for 2020?
- Windsor Corporation had net sales of $2,404,900 and interest revenue of $38,100 during 2020. Expenses for 2020 were cost of goods sold $1,462,600, administrative expenses $214,000, selling expenses $294,200, and interest expense $51,600. Windsor’s tax rate is 30%. The corporation had 102,800 shares of common stock authorized and 73,160 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Windsor Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)Diamond Corp. earned net income of $550,000 in 2021 and had 120,000 shares of common stock outstanding throughout the year. Also outstanding all year was $800,000 of 5% bonds, which are convertible into 20,000 shares of common. Diamond’s tax rate is 30%. Compute Diamond’s 2021 diluted earnings per share.Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2020. Expenses for 2020 were cost of goods sold $1,450,000, administrative expenses $212,000, selling expenses $280,000, and interest expense $45,000. Brisky’s tax rate is 30%. The corporation had 100,000 shares of common stock authorized and 70,000 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Brisky Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)