Bliss Co., which produces and sells skiing equipment, is financed as follows:

Income tax is estimated at \(40 \%\) of income.
Determine the earnings per share of common stock, assuming that the income before bond interest and income tax is

(a) \(\$ 1,000,000\),

(b) \(\$ 1,800,000\), and

(c) \(\$ 3,200,000\).objs. 2, 3

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Bonds payable, 6% (issued at face amount) Preferred $2 stock (nonparticipating), $25 par Common stock. $20 par $4,000,000 4,000,000 4,000,000