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ch Co. reported $515,000 net income for the current year. The company began the current year with 100,000 shares of common stock and 20,000 shares of 3% nonconvertible, cumulative, $10 par value preferred shares. Additional information is available: 1. Issued 50,000 shares on Feb 1 Implemented a 2-for-1 stock split on April 1 Issued another 10,000 shares on Sept 1 Repurchased 5,000 of treasury shares on Nov 1

ch Co. reported $515,000 net income for the current year. The company began the current year with 100,000 shares of common stock and 20,000 shares of 3% nonconvertible, cumulative, $10 par value preferred shares. Additional information is available: 1. Issued 50,000 shares on Feb 1 Implemented a 2-for-1 stock split on April 1 Issued another 10,000 shares on Sept 1 Repurchased 5,000 of treasury shares on Nov 1

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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Invicta Watch Co. reported $515,000 net income for the current year. The company began the current year with 100,000 shares of common stock and 20,000 shares of 3% nonconvertible, cumulative, $10 par value preferred shares. Additional information is available: 1. Issued 50,000 shares on Feb 1 2. Implemented a 2-for-1 stock split on April 1 3. Issued another 10,000 shares on Sept 1 4. Repurchased 5,000 of treasury shares on Nov 1 Based on the information, Basic EPS for the current year is: O $2.25 per share O $.80 per share O $1.73 per share $3.04 per share
Transcribed Image Text:Invicta Watch Co. reported $515,000 net income for the current year. The company began the current year with 100,000 shares of common stock and 20,000 shares of 3% nonconvertible, cumulative, $10 par value preferred shares. Additional information is available: 1. Issued 50,000 shares on Feb 1 2. Implemented a 2-for-1 stock split on April 1 3. Issued another 10,000 shares on Sept 1 4. Repurchased 5,000 of treasury shares on Nov 1 Based on the information, Basic EPS for the current year is: O $2.25 per share O $.80 per share O $1.73 per share $3.04 per share
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