On January 1, 2021, Tonge Industries had outstanding 560,000 common shares ($1 par) that originally sold for $20 per share, and 4,000 shares of 10 cumulative preferred stock ($100 par), convertible into 40,000 common shares On October 1, 2021, Tonge sold and issued an additional 16,000 shares of common stock at $32 At December 31, 2021, there were 20,000 incentive stock options outstanding, issued in 2020, and exercisable after one year for 20,000 shares of common stock at an exercise price of $40 The market price of the common stock at year end was $58 During the year, the price of the common shares had averaged $50 Net income was $700,000 The tax rate for the year was 25 Required Compute basic and diluted EPS for the year ended December 31, 2021 (Round Earnings per share answers to 2 decimal places Enter your answers in thousands ) Numerator 7 Denominator Earnings per share Basic Diluted

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On January 1, 2021, Tonge Industries had outstanding 560,000 common shares ($1 par) that originally sold for $20 per share, and 4,000 shares of 10  cumulative preferred stock ($100 par), convertible into 40,000 common shares  On October 1, 2021, Tonge sold and issued an additional 16,000 shares of common stock at $32  At December 31, 2021, there were 20,000 incentive stock options outstanding, issued in 2020, and exercisable after one year for 20,000 shares of common stock at an exercise price of $40  The market price of the common stock at year end was $58  During the year, the price of the common shares had averaged $50  Net income was $700,000  The tax rate for the year was 25   Required  Compute basic and diluted EPS for the year ended December 31, 2021  (Round  Earnings per share  answers to 2 decimal places  Enter your answers in thousands ) Numerator 7 Denominator   Earnings per share Basic Diluted

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On January 1, 2021, Tonge Industries had outstanding 560,000 common shares ($1 par) that originally sold for $20 per share, and 4,000 shares of 10%

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