Compute basic and diluted EPS for 2011. During 2011, Quattro entered into the following transactions relating to shareholders' equity. The corporation was authorized to issue 20 million common shares, $1 par per share. Net income for 2011 was $110 million. Compute basic and diluted Parsley Corporation had 250,000 shares of common stock and 5,000 shares of 8%, $100 par, preferred stock outstanding on December 31, 2010. The preferred stock is cumulative, nonconvertible preferred stock. On June 1, 2011, Parsley sold 36,000 shares of common stock for cash. No cash dividends were declared for 2011. Parsley reported a net loss of $320,000 for the year ended December 31, 2008. Required: .Compute Brisbane's basic and diluted earnings per share for 2011. On December 31, 2010, Brisbane Company had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 2011, Brisbane purchased 24,000 shares of common stock on the open market as treasury stock paying $40 per share. Brisbane sold 6,000 treasury shares on September 30, 2011, for $45 per share. Net income for 2011 was $180,905. Also outstanding during the year were fully vested incentive stock options giving key personnel the option to buy 50,000 common shares at $40. The market price of the common shares averaged $50 during 2011. Required: .On December 31, 2010, Witherspoon Services had 800,000 shares of common stock and 200,000 shares of 5.5%, noncumulative, nonconvertible $10 par preferred stock issued and outstanding. On March 2, 2011, Witherspoon sold 120,000 common shares. In keeping with its long-term share repurchase plan, 30,000 shares were retired on August 31. Witherspoon distributed a 10% common stock dividend on June 3. Witherspoon's net income for the year ended December 31, 2009, was $600,000. The company paid cash dividends of $110,000 to preferred shareholders on December 20, 2011. The income tax rate is 40%. Required: Compute Witherspoon's earnings per share for the year ended December 31, 2011. .Compute Jackson's basic and diluted earnings per share for 2011. On December 31, 2010, Jackson Company had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 2011, Jackson purchased 24,000 shares of common stock on the open market as treasury stock $35 per share. Jackson sold 6,000 treasury shares on September 30, 2011, for $37 per share. Net income for 2011 was $180,905. Also outstanding during the year were fully vested incentive stock options giving key personnel the option to buy 50,000 common shares at $40. The market price of the common shares averaged $39 during 2011. Required: Compute Jackson's basic and diluted earnings per share for 2011. On December 31, 2010, Jackson Company had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 2011, Jackson purchased 24,000 shares of common stock on the open market as treasury stock paying $45 per share. Jackson sold 6,000 of the treasury shares on September 30, 2011, for $47 per share. Net income for 2011 was $180,905. Also outstanding at December 31, 2010, were fully vested incentive stock options giving key personnel the option to buy 50,000 common shares at $40. These stock options were exercised on November 1, 2011. The market price of the common shares averaged $50 during 2011. Required: Compute basic and diluted earnings per share for Heffner Company for 2011. On December 31, 2010, Heffner Company had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $100 par, cumulative preferred stock outstanding. On February 28, 2011, Heffner purchased 24,000 shares of common stock on the open market as treasury stock paying $45 per share. Heffner sold 6,000 of the treasury shares on September 30, 2011, for $47 per share. Net income for 2011 was $540,000. The income tax rate is 40%. Also outstanding at December 31, 2010, were fully vested incentive stock options giving key personnel the option to buy 50,000 common shares at $40. The market price of the common shares averaged $50 during 2011. Five thousand 6% bonds were issued at par on January 1, 2011. Each $1,000 bond is convertible into 125 shares of common stock. None of the bonds had been converted by December 31, 2011 and no stock options were exercised during the year. Required: 154.Calculate XYZ's basic and diluted earnings per share for 2011. XYZ Company had 200,000 shares of common stock outstanding on December 31, 2010. On July 1, 2011, XYZ issued an additional 50,000 shares for cash. On January 1, 2011, XYZ issued 20,000 shares of convertible preferred stock. The preferred stock had a par value of $100 per share and paid a 5% dividend. Each share of preferred stock is convertible into 8 shares of common. During 2011, XYZ paid the regular annual dividend on the preferred and common stock. Net income for the year was $300,000. Required: 155.Compute basic and diluted EPS for the year ended December 31, 2011. On December 31, 2010, Vitners Company had outstanding 400,000 shares of common stock and 40,000 shares of 8% cumulative preferred stock (par $10). February 28, 2011, issued an additional 36,000 shares of common stock. September 1, 2011, 9,000 shares were retired. A 10% stock dividend was declared and distributed on July 1, 2011. At year-end, there were fully vested incentive stock options outstanding for 30,000 shares of common stock (adjusted for the stock dividend). The exercise price was $18. The market price of the common stock averaged $20 during the year. Also outstanding were $1,000,000 face amount of 10% convertible bonds issued in 2008 and convertible into 50,000 common shares (adjusted for the stock dividend). Net income was $900,000. The tax rate for the year was 40%. Required: 156.Compute basic and diluted EPS for the year ended December 31, 2011. On December 31, 2010, Merlin Company had outstanding 400,000 shares of common stock and 40,000 shares of 8% cumulative preferred stock (par $10). On February 28, 2011, Merlin issued an additional 36,000 shares of common stock. A 10% stock dividend was declared and distributed on July 1, 2011. On September 1, 2011, 9,000 shares were retired. At year-end, there were fully vested incentive stock options outstanding for 30,000 shares of common stock (adjusted for the stock dividend). The exercise price was $18. The market price of the common stock averaged $20 during the year. Also outstanding were $1,000,000 face amount of 10% convertible bonds issued in 2008 and convertible into 50,000 common shares (adjusted for the stock dividend). Net income was $900,000. The tax rate for the year was 40%. Required: 157.Compute basic and diluted earnings per share for 2011. Paul Company had 100,000 shares of common stock outstanding on January 1, 2011. On September 30, 2011, Paul sold 48,000 shares of common stock for cash. Paul also had 10,000 shares of convertible preferred stock outstanding throughout 2011. The preferred stock is $100 par, 6%, and is convertible into 3 shares of common for each share of preferred. Paul also had 500, 8%, convertible bonds outstanding throughout 2011. Each $1,000 bond is convertible into 30 shares of common stock. The bonds sold originally at par. Reported net income for 2011 was $300,000 with a 40% tax rate. The regular common and preferred dividends were paid in 2011. Required: 158.Woolery, Inc. had 50,000 shares of common stock outstanding at January 1, 2011. On March 31, 2011, an additional 12,000 shares were sold for cash. Woolery also had $4,000,000 of 6% convertible bonds outstanding throughout the year. The bonds are convertible into 40,000 shares of common stock. Net income for the year was $350,000. The tax rate is 35%. Required: Compute basic and diluted earnings per share for the year ended December 31, 2011. 159.Compute basic earnings per share for the year ended December 31, 2011. Rice Inc. had 420 million shares of common stock and 1 million shares of 6%, $200 par, cumulative preferred stock outstanding at the end of 2010 and 2011. No dividends were declared or paid on either class of stock in either year. Net income for 2011 was $398.4 million. The company's tax rate is 30%. Required: 160.Compute basic earnings per share for the year ended December 31, 2011. Kramer Inc. had 95 million shares of common stock, 1 million shares of 6%, $100 par, cumulative preferred stock, and 1 million shares of 8%, $100 par, noncumulative preferred stock outstanding at the end of 2010 and 2011. No dividends were declared or paid on common stock in either year. In 2011, a $3 million dividend was paid on the 6% preferred stock and a $4 million dividend was paid on the 8% preferred stock. Net income for 2011 was $300 million. The company's tax rate is 30%. Required