Assume that the following data relative to Kane Company for 2020 is available:Net Income$2,100,000Transactions in Common SharesJan. 1, 2020, Beginning numberMar. 1, 2020, Purchase of treasury sharesJune 1, 2020, Stock split 2-1Nov. 1, 2020, Issuance of sharesChangeCumulative(60,000)640,000240,000700,000640,0001,280,0001,520,0006% Cumulative Convertible Preferred StockSold at par, convertible into 200,000 shares of common(adjusted for split).$1,000,000Stock OptionsExercisable at the option price of $25 per share. Averagemarket price in 2020, $30 (market price and option priceadjusted for split).90,000 sharesInstructions(a) Compute the basic earnings per share for 2020. (Round to the nearest penny.)(b) Compute the diluted earnings per share for 2020. (Round to the nearest penny.)

Name: Assume that the following data relative to Kane Company for 2020 is a
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Description: Assume that the following data relative to Kane Company for 2020 is available:Net Income$2,100,000Transactions in Common SharesJan. 1, 2020, Beginning numberMar. 1, 2020, Purchase of treasury sharesJune 1, 2020, Stock split 2-1Nov. 1, 2020, Issuance

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Compute the basic earnings per share for 2020. (Round to the nearest penny.) Compute the diluted earnings per share for 2020. (Round to the nearest penny.)

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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