During 2024, its first year of operations, Kevin Berry Industries entered into the following transactions relating to shareholders' equity. The corporation was authorized to Issue 100 million common shares, $1 par per share. January 2 Issued 40 million common shares for cash. January 2 Entered an agreement with the company president to issue up to 2 million additional shares of common stock in 2025 based on the earnings of Berry in 2025. If net income exceeds $130 million, the president will receive 1 million shares; 2 million shares if net income exceeds $140 million. March 31 Issued 4 million shares in exchange for plant facilities.
During 2024, its first year of operations, Kevin Berry Industries entered into the following transactions relating to shareholders' equity. The corporation was authorized to Issue 100 million common shares, $1 par per share. January 2 Issued 40 million common shares for cash. January 2 Entered an agreement with the company president to issue up to 2 million additional shares of common stock in 2025 based on the earnings of Berry in 2025. If net income exceeds $130 million, the president will receive 1 million shares; 2 million shares if net income exceeds $140 million. March 31 Issued 4 million shares in exchange for plant facilities.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:During 2024, its first year of operations, Kevin Berry Industries entered into the following transactions relating to shareholders' equity.
The corporation was authorized to Issue 100 million common shares, $1 par per share.
January 2 Issued 40 million common shares for cash.
January 2 Entered an agreement with the company president to issue up to 2 million additional shares of common stock in 2025 based
on the earnings of Berry in 2025. If net income exceeds $130 million, the president will receive 1 million shares; 2
million shares if net income exceeds $140 million.
March 31 Issued 4 million shares in exchange for plant facilities.
Net Income for 2024 was $134 million.
Required:
Compute basic and diluted earnings per share for the year ended December 31, 2024.
Note: Do not round Intermediate calculations. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).
Basic
Diluted
Numerator +
+
Denominator =
=
=
Earnings per Share
0
0
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