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Emory Company had 80,000 shares of common stock outstanding at January 1. On May 1, Emory issued 21,500 additional shares of common stock. Outstanding all year were 30,000 shares of nonconvertible preferred stock on which a dividend of $3 per share was paid in December. Net income for the year was $300,000. What should Emory report as basic earnings per share for the year? $3.18 $2.23 $2.07 $3.75

Emory Company had 80,000 shares of common stock outstanding at January 1. On May 1, Emory issued 21,500 additional shares of common stock. Outstanding all year were 30,000 shares of nonconvertible preferred stock on which a dividend of $3 per share was paid in December. Net income for the year was $300,000. What should Emory report as basic earnings per share for the year? $3.18 $2.23 $2.07 $3.75

Intermediate Accounting: Reporting And Analysis
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
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 12RE: Given the following year-end information, compute Greenwood Corporations basic and diluted earnings...
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Emory Company had 80,000 shares of common stock outstanding at January 1. On May 1, Emory issued 21,500 additional shares of common stock. Outstanding all year were 30,000 shares of nonconvertible preferred stock on which a dividend of $3 per share was paid in December. Net income for the year was $300,000. What should Emory report as basic earnings per share for the year? $3.18 $2.23 $2.07 $3.75
Transcribed Image Text:Emory Company had 80,000 shares of common stock outstanding at January 1. On May 1, Emory issued 21,500 additional shares of common stock. Outstanding all year were 30,000 shares of nonconvertible preferred stock on which a dividend of $3 per share was paid in December. Net income for the year was $300,000. What should Emory report as basic earnings per share for the year? $3.18 $2.23 $2.07 $3.75
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