Salt Company reports net income of $360 million for 20X1; the company's tax rate is 40%. At the beginning of the year, 200 million common shares were outstanding. On July 1, Salt sells an additional 80 million shares. On October 1, the company distributed a 10% stock dividend. Rounding to the nearest cent, the company's basic EPS will be $1.80. O $1.20. O $1.17. O $1.36.

Salt Company reports net income of $360 million for 20X1; the company's tax rate is 40%. At the beginning of the year, 200 million common shares were outstanding. On July 1, Salt sells an additional 80 million shares. On October 1, the company distributed a 10% stock dividend. Rounding to the nearest cent, the company's basic EPS will be $1.80. O $1.20. O $1.17. O $1.36.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 23EB: Bastion Corporation earned net income of $200,000 this year. The company began the year with 10,000...

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