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Lynn corp. reported $609,053 of net income in the current year. Their year-end is December 31. The corporation had 20,000 of $7, cumulative preferred shares
Lynn corp. reported $609,053 of net income in the current year. Their year-end is December 31. The corporation had 20,000 of $7, cumulative preferred shares outstanding throughout the year, and the dividend was paid.
Jan 1 | 30,000 common shares were outstanding. |
Sep 1 | Reliable Corporation purchased and retired 2,000 of their common shares. |
Nov 30 | The board of directors declared a 5% share dividend for common shares. |
REQUIRED: Calculate earnings per share on common shares for the current year. Show your calculations
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