On December 31, 2015, the Frisbee Company had 250,000 shares of common stock issued and outstanding. On March 31, 2016, the company sold 50,000 additional shares for cash. Frisbee's net income for the year ended December 31, 2016, was $700,000. During 2016, Frisbee declared and paid $80,000 in cash dividends on its nonconvertible preferred stock. What are the 2016 basic earnings per share (rounded)? $2.16 $3.10 $3.50 $2.80 Equipment with a book value of $100,000 residual value of $5,000, and accumulated depreciation of $60,000 was sold for $35,000. The selling firm would record Gain for $35.000 Loss for $5,000 Revenue of $35.000 No gain or Loss On January 5, 2016, the Board of Directors of Matros, Inc. declares a cash dividend of S1 per share on the 500.000 shares of common stock outstanding. The dividend is payable to stockholders of record on February 5, and will be paid on March 5. The correct entry to be made on March 5 ls. Common Stock 500,000 Dividends Payable 500.000 No entry is necessary Retained Earnings 500,000 Dividends Payable 500,000 500,000 Dividends Payable Cash 500,000 Carter Corp. desires to make a gross profit ratio of 25% on an item that costs $75 to produce. Carter will sell the item for: $100 $110 $93.75 $85.50