KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 52,390 $ 37,924 Long-term investments Plant assets, net $51,748 3,950 60,000 500 100,000 96,000 Total assets $152,390 $134,424 $115,698 Liabilities and Equity $ 22,800 72,000 9,000 48,590 $ 19,960 72,000 9,000 33,464 $ 20,300 60,000 6,000 29,398 Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $152,390 $134,424 $115,698

KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 52,390 $ 37,924 Long-term investments Plant assets, net $51,748 3,950 60,000 500 100,000 96,000 Total assets $152,390 $134,424 $115,698 Liabilities and Equity $ 22,800 72,000 9,000 48,590 $ 19,960 72,000 9,000 33,464 $ 20,300 60,000 6,000 29,398 Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $152,390 $134,424 $115,698

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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Leverage Cook Corporation issued financial statements at December 31, 2019, that include the following information: Balance sheet at December 31,2019 Assets $8,000,000 Liabilities $1,200,000 Stockholders' equity (300,000 shares) $6,800,000 Income statement for 2019: Income from operations $1,200,000 Less: Interest expense (100,000) Income before taxes $1,100,000 Less: Income taxes expense (0,30) (330,000) Net income $ 770,000 The levels of assets, liabilities, stockholders' equity, and operating income have been stable in recent years; however, Cook Corporation is planning a 51,800,000 expansion program that will increase income from operations by $350,000 to $1,550,000, Cook is planning to sell 8.5% notes at par to finance the expansion. Required: What earnings per share does Cook report before the expansion?
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