The Mountain Range Railway Company Operates a Regional Railroad in the States

question 10

Essay

The Mountain Range Railway Company operates a regional railroad in the states of Colorado,New Mexico,and Arizona.Mountain Range reported the following information (dollar amounts in thousands)in its December 31,2014,consolidated statement of income:

Required:
1.Estimate the average number of common shares outstanding for 2014.Assume Mountain Range has outstanding the entire year $108,000 of $2 preferred stock,par value $2.50 (five million shares authorized).The stock is not convertible.Indicate any assumptions you make in your calculations.
2.Does Mountain Range have a simple or complex capital structure?
3.Is Mountain Range required to report earnings per share figures for extraordinary items and discontinued operations,if present,in its income statement?

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