2. Assume that the following data relative to Kane Company for 2013 is available:
Net Income $2,100,000
Transactions in Common Shares Change Cumulative
Jan. 1, 2013, Beginning number 700,000
Mar. 1, 2013, Purchase of treasury shares (60,000) 640,000
June 1, 2013, Stock split 2-1 640,000 1,280,000
Nov. 1, 2013, Issuance of shares 180,000 1,460,000
8% Cumulative Convertible Preferred Stock
Sold at par, convertible into 200,000 shares of common
(adjusted for split). $1,000,000
Instructions
(a) compute average number of shares outstanding for 2013.
(b) Compute the basic earnings per share for 2013. (Round to the nearest penny.)
Answers
Status NEW
Posted 20 Jun 2017 04:06 AM
My Price 4.00
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