Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me asap (21) On December 31, 2020, Brisbane Company had 100,000 shares of common stock outstanding and 40,000 shares of 6%,$50 par, cumulative

image text in transcribedplease help me asap (21)

On December 31, 2020, Brisbane Company had 100,000 shares of common stock outstanding and 40,000 shares of 6%,$50 par, cumulative preferred stock outstanding. On February 28, 2021, Brisbane purchased 34,000 shares of common stock on the open market as treasury stock paying $50 per share. Brisbane sold 7,000 treasury shares on September 30,2021 , for $55 per share. Net income for 2021 was $190,905. Also outstanding during the year were fully vested incentive stock options giving key officers the option to buy 60,000 common shares at $50. The market price of the common shares averaged $60 during 2021. Required: Compute Brisbane's basic and diluted earnings per share for 2021. (Round your answers to 2 decimal places.)

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

Accountants Guide To Fraud Detection And Control

Authors: Howard R. Davia, Patrick C. Coggins, John C. Wideman, Joseph T. Kastantin

2nd Edition

0471353787, 9780471353782

More Books

Students also viewed these Accounting questions

Question

Explain the S curve.

Answered: 1 week ago

Question

=+50. Now deduce Theorem 3.3 from part (a).

Answered: 1 week ago

Question

ABC is an equilateral triangle and AEF is a right angle

Answered: 1 week ago