FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

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ces On January 1, 2024, Jaewoo Industries had outstanding 760,000 common shares ($1 par) that originally sold for $25 per share, and 8,000 shares of 10% cumulative preferred stock ($100 par), convertible into 80,000 common shares. • On October 1, 2024, Jaewoo sold and issued an additional 12,000 shares of common stock at $32. • At December 31, 2024, there were 27,000 incentive stock options outstanding, issued in 2023, and exercisable after one year for 27,000 shares of common stock at an exercise price of $35. • The market price of the common stock at year-end was $53. . During the year, the price of the common shares had averaged $45. • Net income was $900,000. The tax rate for the year was 25%. Required: Compute basic and diluted EPS for the year ended December 31, 2024. Note: Do not round intermediate calculations. Except for per share amounts, enter your answers in thousands (i.e., 10,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places. Basic Diluted Numerator $ $ 820,000.. 684,000. Denominator 766,000= 873,000- Earnings per share $ $ 1.07 0.78
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Transcribed Image Text:ces On January 1, 2024, Jaewoo Industries had outstanding 760,000 common shares ($1 par) that originally sold for $25 per share, and 8,000 shares of 10% cumulative preferred stock ($100 par), convertible into 80,000 common shares. • On October 1, 2024, Jaewoo sold and issued an additional 12,000 shares of common stock at $32. • At December 31, 2024, there were 27,000 incentive stock options outstanding, issued in 2023, and exercisable after one year for 27,000 shares of common stock at an exercise price of $35. • The market price of the common stock at year-end was $53. . During the year, the price of the common shares had averaged $45. • Net income was $900,000. The tax rate for the year was 25%. Required: Compute basic and diluted EPS for the year ended December 31, 2024. Note: Do not round intermediate calculations. Except for per share amounts, enter your answers in thousands (i.e., 10,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places. Basic Diluted Numerator $ $ 820,000.. 684,000. Denominator 766,000= 873,000- Earnings per share $ $ 1.07 0.78
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Step 3: Calculation of diluted earnings per share
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