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saction during 2121 E 16-21 1 LO 16.5 sed in the 2012 e disclosed in the and declared and issued a 2-for-stock split on NULIH vear-end 2021 Lucas earned ner income of $23,520. The only common stock trans 20% stock dividend issued on July 2, 2021. Required: Compute the basic earnings per share that would be disclosed in the 2019 annual repor Compute the 2019 and 2020 comparative basic carnings per share that would be disclosed report 3. Compute the 2019, 2020, and 2021 comparative basic carnings per share that would be disc annual report Die Earnines per Share Monona Company reported net income of 24,475 for 2010 Vonona had 1000 shares of 10% S100 par, nonconvertible preferred stock outstanding dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common On April 2, 2019. the company issued another 2,000 shares of common stock so that 9.000 outstanding at the end of 2019. Common dividends of $17,000 had been paid during 2019 A the market price per share of common stock was $17.50. 10 During all of 2010 ding on which they on stock ustan 000) common shares 2019. At the end of 2 Required: 1. Compute Monona's basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019. 6-19 Basic Earnings per Share Lyon Company shows the following condensed income statement for 16.4 year ended December 31, 2019: $ 29,936 Income before discontinued operations 12,176) Less: Loss from discontinued operations loss (net of income tax) $27,760 Net income Lyon declared dividends of $6,000 on preferred stock and S17 280 on common stock. At the beginning of 2017 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2.000 additional com mon shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock not convertible. Required: 1. Compute the 2019 basic carnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements. disclosed During all of 2019 which it year's stock standing mon es were Required: 1. Compute the basic earnings per share that would be disclosed in the 2019 annual report. 2. Compute the 2019 and 2020 comparative basic earnings per share that would be disclosed in the report. 3. Compute the 2019, 2020, and 2021 comparative basic earnings per share that would be disclosed annual report. 16-18 Basic Earnings per Share Monona Company reported net income of $29,975 for 2019. During 16.4 Monona had 1,000 shares of 10% $100 par, nonconvertible preferred stock outstanding, on which dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock On April 2, 2019, the company issued another 2,000 shares of common stock so that 9,000 common outstanding at the end of 2019. Common dividends of $17,000 had been paid during 2019. At the end the market price per share of common stock was $17.50. Required: 1. Compute Monona's basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019. 6-19 Basic Earnings per Share Lyon Company shows the following condensed income statement information for the 16.4 year ended December 31, 2019: $ 29,936 Income before discontinued operations 12,176) Less: Loss from discontinued operations loss (net of income tax) $27,760 Net income Exercises 16-49 Lyon declared dividends of $6,000 on preferred stock and $17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional com- mon shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible Required: 1. Compute the 2019 basic earnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements. E16-20 Earnings per Share Disclosure Extreme Company reported the following information about its stock on its LO 16.4 December 31, 2019, balance sheet: Preferred stock, $2 par value, 5% cumulative, 300,000 shares authorized, 120,000 shares issued and outstanding $240,000 Common stock, $1 par value, 500,000 shares authorized, 240,000 shares issued and outstanding 240,000 The following amounts were taken from Extreme's income statement: $ 680,000 Income from continuing operations before income taxes (204,000) Income tax expense $ 476,000 Income from continuing operations (36,000) Loss from discontinued operations, net of $13,000 tax benefit $ 440,000 Net income The only stock issued during 2019 was 80,000 shares of common stock issued on June 30, 2019. No dividends! 20 SOLR in the 2020 disclosed in the 2021 ang all of 2019 I which the years stock outstanding 00) common shares were . At the end of 2019, Required: 1. Compute the basic earnings per share that would be disclosed in the 2019 annual report share that would be disclosed in the 2. Compute the 2019 and 2020 comparative basic earnings per share report. 3. Compute the 2019, 2020, and 2021 comparative basic earnings per share that would be discle annual report ome of $29,975 for 2019. During all 6-18 Basic Earnings per Share Monona Company reported net income o 16.4 Monona had 1,000 shares of 10% S100 par nonconvertible preferred stock outstanding, on white dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock On April 2, 2019, the company issued another 2,000 shares of common stock so that 9,000 comm outstanding at the end of 2019. Common dividends of $17,000 had been paid during 2019. At the the market price per share of common stock was $17.50. Required: 1. Compute Monona's basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019, 9 Basic Earnings per Share Lyon Company shows the following condensed income statement information 4 year ended December 31, 2019: Income before discontinued operations $ 29,936 Less: Loss from discontinued operations loss (net of income tax) (2,176) Net income $27,760 Exercises 16-49 Lyon declared dividends of $6,000 on preferred stock and $17.280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional com- mon shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible. Required: 1. Compute the 2019 basic earnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements. E16-20 Earnings per Share Disclosure Extreme Company reported the following information about its stock on its LO 16.4 December 31, 2019, balance sheet: Preferred stock, $2 par value, 5% cumulative, 300,000 shares authorized, 120,000 shares issued and outstanding $240,000 Common stock, $1 par value, 500,000 shares authorized, 240,000 shares issued and outstanding 240,000 The following amounts were taken from Extreme's income statement: $ 680,000 Income from continuing operations before income taxes (204,000) Income tax expense $ 476,000 Income from continuing operations (36,000) loss from discontinued operations, net of $13,000 tax benefit $ 440,000 Net income uning 2019 was 89.000 shares of common stock issued on June 30, 2019. No dividends