Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 19-13 (Algo) EPS; treasury stock; new shares; stock dividends; two years, financial statement effects [LO19-5, 19-6] The LI Group had 310,000 shares of common

image text in transcribed

Exercise 19-13 (Algo) EPS; treasury stock; new shares; stock dividends; two years, financial statement effects [LO19-5, 19-6] The LI Group had 310,000 shares of common stock outstanding at January 1, 2024. The followIng actlvitles affected common shares during the year. There are no potentlal common shares outstanding. 2024 February 28 Purchased 21,600 shares of treasury stock. October 31 sold the treasury shares purchased on February 28. November 30 Issued 84,000 new shares. December 31 Net income for 2024 is $909,000. 2025 January 15 Declared and issued a 2-for-1 stock split. December 31 Net income for 2025 is $909,000. Required: 1. Determine the 2024 EPS. 2. Determine the 2025 EPS. 3. At what amount will the 2024 EPS be presented in the 2025 comparatlve financial statements? Note: Do not round Intermedlate calculations. Enter your answers In thousands (I.e., 10,000 should be entered as 10)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

What were your most important educational experiences?

Answered: 1 week ago

Question

Which personal relationships influenced you the most?

Answered: 1 week ago