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At December 31, 2011 and 2010, Miley Corp. had 180,000 ordinary shares and 10,000 shares of 4%,$100 par value cumulative preference shares outstanding. No dividends were declared on either the preference or ordinary shares in 2011 or 2010. Net income for 2011 was $400,000. For 2011, earnings per share amounted to

At December 31, 2011 and 2010, Miley Corp. had 180,000 ordinary shares and 10,000 shares of 4%,$100 par value cumulative preference shares outstanding. No dividends were declared on either the preference or ordinary shares in 2011 or 2010. Net income for 2011 was $400,000. For 2011, earnings per share amounted to

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At December 31, 2011 and 2010, Miley Corp. had 180,000 ordinary shares and 10,000 shares of 4%,$100 par value cumulative preference shares outstanding. No dividends were declared on either the preference or ordinary shares in 2011 or 2010. Net income for 2011 was $400,000. For 2011, earnings per share amounted to
Transcribed Image Text:At December 31, 2011 and 2010, Miley Corp. had 180,000 ordinary shares and 10,000 shares of 4%,$100 par value cumulative preference shares outstanding. No dividends were declared on either the preference or ordinary shares in 2011 or 2010. Net income for 2011 was $400,000. For 2011, earnings per share amounted to
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