The Institute of Management Accountants (IMA) Statement of Ethical Professional Practice requires that management accountants be competent and act with integrity.
Answer the following statement true (T) or false (F)
True
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Indicate whether the statement is true or false
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Plexis Corporation holds 70 percent of Solar Company's voting common shares, acquired at book value, but none of its preferred shares. At the date of acquisition, the fair value of the noncontrolling interest was equal to 30 percent of the book value of Solar Company. Summary balance sheets for the companies on December 31, 20X5, are as follows: Plexis Corp.Solar CompanyCash and Receivables $70,000 $55,000 Inventory 60,000 35,000 Buildings and Equipment (net) 180,000 160,000 Investment in Solar Company 112,000 0 Total Assets $422,000 $250,000 Accounts Payable $40,000 $40,000 Preferred Stock 30,000 50,000 Common Stock ($15 par value) 90,000 75,000 Retained Earnings 262,000 85,000 Total
Liabilities and Owners' Equity $422,000 $250,000 Neither of the preferred issues is convertible. Plexis's preferred pays a 9 percent annual dividend, and Solar's preferred pays a 10 percent dividend. Solar reported net income of $40,000 and paid a total of $15,000 of dividends in 20X5. Plexis reported income from its separate operations of $80,000 and paid total dividends of $45,000 in 20X5.Based on the preceding information, what is the consolidated earnings per share for 20X5? A. $18.72 B. $17.42 C. $16.97 D. $19.17