provide correct answer of this General accounting question A corporation has 4,000 shares, 10% preferred stockof $55.00 par preferred stock, and 8,000 shares ofcommon stock outstanding. The net income for theyear is $260,000.Calculate earnings per share.

Step 1: Define Earnings per shareIt is used to determine the value attributable to each company's…

Answered: A corporation has 4,000 shares, 10%…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

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A corporation has 4,000 shares, 10% preferred stock of $55.00 par preferred stock, and 8,000 shares of common stock outstanding. The net income for the year is $260,000. Calculate earnings per share.