Please help me 6During 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.ferencesJanuary 2 Issued 70 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 in2025 based on the earnings of Berry in 2025. It net income exceeds $120 million, the president will receive 1million shares; 2 million shares it net income exceeds $130 million.March 31 Issued 4 million shares in exchange for plant facilities.Net income for 2024 was $124 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).BasicDilutedNumerator ✦ Denominator•Earnings per Share

Basic Earning per share (EPS) is the simplest method of calculating the company's earnings per…

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 70 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 2825 based on the earnings of Berry in 2025. If net income exceeds $120 million, the president will receive 1 million shares: 2 million shares if net income exceeds $130 million. . March 31 Issued 4 million shares in exchange for plant facilities. Net income for 2024 was $124 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 (Le., 10,000,000 should be entered as 10). Basic Diluted Numerator . . Denominator . Earings per Share . .

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 70 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 2825 based on the earnings of Berry in 2025. If net income exceeds $120 million, the president will receive 1 million shares: 2 million shares if net income exceeds $130 million. . March 31 Issued 4 million shares in exchange for plant facilities. Net income for 2024 was $124 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 (Le., 10,000,000 should be entered as 10). Basic Diluted Numerator . . Denominator . Earings per Share . .

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 26P

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Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par value common stock at 15 per share (400,000 shares were authorized). During the period January 1, 2014, through December 31, 2019, Kent reported net income of 750,000 and paid cash dividends of 380,000. On January 5, 2019, Kent purchased 12,000 shares of its common stock at 12 per share. On December 28, 2019, 8,000 treasury shares were sold at 8 per share. Kent used the cost method of accounting for treasury shares. What is Kents total shareholders equity as of December 31, 2019? a. 3,290,000 b. 3,306,000 c. 3,338,000 d. 3,370,000
On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.
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Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions took place during 2019, the first year of the corporations existence: Sold 5,000 shares of common stock for 18 per share. Issued 5,000 shares of common stock in exchange for a patent valued at 100,000. At the end of Carys first year, total contributed capital amounted to: a. 40,000 b. 90,000 c. 100,000 d. 190,000
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