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ber 31, 2020, Brisbane Company had 100,000 shares preferred stock outstanding. On February 28, 2021, creasury stock paying $44 per share. Brisbane sold 6. 2021 was $184,905. Also outstanding during the year uy 54,000 common shares at $44. The market price

ber 31, 2020, Brisbane Company had 100,000 shares preferred stock outstanding. On February 28, 2021, creasury stock paying $44 per share. Brisbane sold 6. 2021 was $184,905. Also outstanding during the year uy 54,000 common shares at $44. The market price

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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TB Problem 19-185 (Algo) On December 31, 2020, Brisbane Company had 100,000 shares of common stock outstanding and 34,000 shares of 5%, $50 par, cumulative preferred stock outstanding. On February 28, 2021, Brisbane purchased 28,000 shares of common stock on the open market as treasury stock paying $44 per share. Brisbane sold 6,400 treasury shares on September 30, 2021, for $49 per share. Net income for 2021 was $184,905. Also outstanding during the year were fully vested incentive stock options giving key officers the option to buy 54,000 common shares at $44. The market price of the common shares averaged $54 during 2021. Required: Compute Brisbane's basic and diluted earnings per share for 2021. (Round your answers to 2 decimal places.) Basic Diluted Earnings per share
Transcribed Image Text:TB Problem 19-185 (Algo) On December 31, 2020, Brisbane Company had 100,000 shares of common stock outstanding and 34,000 shares of 5%, $50 par, cumulative preferred stock outstanding. On February 28, 2021, Brisbane purchased 28,000 shares of common stock on the open market as treasury stock paying $44 per share. Brisbane sold 6,400 treasury shares on September 30, 2021, for $49 per share. Net income for 2021 was $184,905. Also outstanding during the year were fully vested incentive stock options giving key officers the option to buy 54,000 common shares at $44. The market price of the common shares averaged $54 during 2021. Required: Compute Brisbane's basic and diluted earnings per share for 2021. (Round your answers to 2 decimal places.) Basic Diluted Earnings per share
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