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During 2024 , its first year of operations, Kevin Berry Industries entered into the following transactions relating to shareholders' equity. The corporation was authorized to
During 2024 , its first year of operations, Kevin Berry Industries entered into the following transactions relating to shareholders' equity. The corporation was authorized to Issue 100 million common shares, $1 par per share. January 2 Issued 40 million common shares for cash. January 2 Entered an agreement with the company president to issue up to 2 million additional shares of common stock in 2025 based on the earnings of Berry in 2025. If net income exceeds $130 million, the president will receive 1 million shares; 2 million shares if net income exceeds $140 million. March 31 Issued 4 million shares in exchange for plant facilities. Net income for 2024 was $134 million. Requlred: Compute basic and diluted earnings per share for the year ended December 31, 2024. Note: Do not round Intermedlate calculations. Enter your answers In millions (I.e., 10,000,000 should be entered as 10)
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