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Aria Ltd . provides the following information for calendar 2 0 2 3 : 1 . Net income......................................................................................................... $ 4 2 0 , 0 0

Aria Ltd. provides the following information for calendar 2023:
1. Net income......................................................................................................... $420,000
2. Capital Structure
a) $8 preferred shares, no par value, cumulative, ............................................ $600,000
6,000 shares outstanding
No dividends were declared during 2023.
b) Common shares, 76,000 shares outstanding on January 1.
On April 1,40,000 shares were issued for cash.
On October 1,16,000 shares were purchased and retired. ....................... $1,000,000
c) On January 2,2022, Aria purchased Apso Corporation.
One of the terms of the purchase was that if Arias net income for 2022 or subsequent
years is $400,000 or more, 50,000 additional common shares would be issued to Apso
shareholders.
Instructions
Calculate basic and diluted earnings per share for 2023.

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