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Lancaster Company had an income of $500,000 net of tax but before extraordinary items in 2020. They had an extraordinary loss of $100,000 net of
| Lancaster Company had an income of $500,000 net of tax but before | ||||||
| extraordinary items in 2020. They had an extraordinary loss of $100,000 | ||||||
| net of tax. They had 10,000 shares of convertible preferred $100 par stock, | ||||||
| 6% dividend, with one year's dividend in arrears, convertible into | ||||||
| 20,000 shares of common stock. Lancaster's weighted average shares for 2020 | ||||||
| were 100,000 shares. The tax rate is 20%. | ||||||
| Prepare in good format earnings per share calculations for 2020 on all | ||||||
| necessary parts of income. | ||||||
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Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
17th edition
007802577X, 978-0078025778
