Answered: basic earnings per share on the face of…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 8RE: Given the following year-end information for Somerset Corporation, compute its basic earnings per...

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Question

BONAL Company reported the following information for the current year:
Income before tax 5,000,000
Income tax 1,600,000
Loss from discontinued operations 800,000
Required:
Present the basic earnings per share on the face of the income statement under each of
the following assumptions:
1. The entity has only one class of share capital, 50,000 ordinary shares with par value
of P100.
2. The entity has two classes of share capital:
Preference share, 10% cumulative, P100 par 2,000,000
Ordinary share, P100 par, 50,000 shares 5,000,000

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