Porter corporation owns all 40,000 shares of the common stock of street, inc. porter has 80,000 shares of its own common stock outstanding. during the current year, porter earns net income (without any consideration of its investment in street) of $264,000 while street reports $236,000. annual amortization of $12,000 is recognized each year on the consolidation worksheet based on acquisition-date fair-value allocations. both companies have convertible bonds outstanding. during the current year, bond-related interest expense (net of taxes) is $48,000 for porter and $36,000 for street. porter’s bonds can be converted into 8,000 shares of common stock; street’s bonds can be converted into 10,000 shares. porter owns none of these bonds. what are the earnings per share amounts that porter should report in its current year consolidated income statement?

5.05 per share

Explanation:

.Porter. Street

$,000 $,000

Net income. 264. 236

Less amortization 0. 12

Less Interest. 48. 36

Total. 216. 188

*=. 216+188= 404/80000shasres

=5.05

The parents company Peter fully owns all the share of street which means it takes the whole.profit of street, The consolidation sechdule only takes cognizance of the parents company shares in calculating earning per share and the subsidiary share which is Street it's treated as an investment. The convertible shares are also not taking into consideration since they have not been convert.

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