As of January 2, 2021, The Triple J Company had the following items in its capital structure: o 12,000 shares of preferred stock issued, with a par value of $7, a market value of $12, an annual dividend of $2, and 3,000 shares in the treasury, and o 24,000 shares of common stock issued, with a stated value of $5, a market value of $9, and 4,000 shares in the treasury. On April 1, 2021, Triple J issued 8,000 additional shares of common stock for cash. Triple J also had stock warrants outstanding which were issued on September 30, 2021, and which could be converted into 24,000 shares of common stock, beginning in 2024. In addition, Triple J had stock options outstanding, originally issued in 2019, that could be exercised in 2023 for 12,000 shares. The exercise price per share is $8, and the cash that would be received from the hypothetical exercise of the stock options would permit Triple J to reacquire 8,138 shares of its own stock in the marketplace. A Triple J's net income was $278,000 for the year ended December 31,2021. Prepare a schedule of the earnings per share reported by The Triple J Company for 2021.
As of January 2, 2021, The Triple J Company had the following items in its capital structure: o 12,000 shares of preferred stock issued, with a par value of $7, a market value of $12, an annual dividend of $2, and 3,000 shares in the treasury, and o 24,000 shares of common stock issued, with a stated value of $5, a market value of $9, and 4,000 shares in the treasury. On April 1, 2021, Triple J issued 8,000 additional shares of common stock for cash. Triple J also had stock warrants outstanding which were issued on September 30, 2021, and which could be converted into 24,000 shares of common stock, beginning in 2024. In addition, Triple J had stock options outstanding, originally issued in 2019, that could be exercised in 2023 for 12,000 shares. The exercise price per share is $8, and the cash that would be received from the hypothetical exercise of the stock options would permit Triple J to reacquire 8,138 shares of its own stock in the marketplace. A Triple J's net income was $278,000 for the year ended December 31,2021. Prepare a schedule of the earnings per share reported by The Triple J Company for 2021.
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 18E: Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares...
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Transcribed Image Text:FINANCIAL ACCOUNTING II
As of January 2, 2021, The Triple J Company had the following items in its
capital structure:
o 12,000 shares of preferred stock issued, with a par value of $7, a
market value of $12, an annual dividend of $2, and 3,000 shares in the
treasury, and
o 24,000 shares of common stock issued, with a stated value of $5, a
market value of $9, and 4,000 shares in the treasury.
On April 1, 2021, Triple J issued 8,000 additional shares of common stock
for cash.
Triple J also had stock warrants outstanding which were issued on
September 30, 2021, and which could be converted into 24,000 shares of
common stock, beginning in 2024.
In addition, Triple J had stock options outstanding, originally issued in 2019,
that could be exercised in 2023 for 12,000 shares. The exercise price per
share is $8, and the cash that would be received from the hypothetical
exercise of the stock options would permit Triple J to reacquire 8,138 shares
of its own stock in the marketplace.
A
Triple J's net income was $278,000 for the year ended December 31,2021.
Prepare a schedule of the earnings per share reported by The Triple J
Company for 2021.
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