Easy Loan Companys balance sheet at December 31, 2014 reports the following: Preferred stock, $ 80 par

Question:

Easy Loan Company’s balance sheet at December 31, 2014 reports the following:

Preferred stock, $ 80 par value, 6%, 11,000 shares issued ............ $ 880,000

Common stock, $ 2.50 par, 1,400,000 shares issued..................... 3,500,000

Treasury stock, common, 130,000 shares at cost ......................... 900,000

During 2014, Easy Loan earned net income of $ 6,700,000. Compute Easy Loan’s earnings per common share (EPS) for 2014. (Round EPS to two decimal places.) Assume the number of shares issued and outstanding did not change during the year.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...