Abs Company had 20,000 ordinary shares outstanding on January 1 of the current year. On May 1, the entity issued 10,500 ordinary shares. Outstanding all year were 10,000 nonconvertible and noncumulative preference shares on which the annual dividend of P40 per share was paid in December. The net income for the current year was P967,000. What amount should be reported as basic earnings per share? 18.60 35.80 21.00 28.40

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