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 35 million common shares for cash. January 3 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 $140 million, the president will receive 1 million shares; 2 million shares if net income exceeds $150 million. March 31 Issued 4 million shares in exchange for plant facilities. Net income for 2024 was $148 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 (i.e., 10,000,000 should be entered as 10). Basic Diluted Numerator + Denominator = Earnings per Share 148 + $ + = = 0
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 35 million common shares for cash. January 3 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 $140 million, the president will receive 1 million shares; 2 million shares if net income exceeds $150 million. March 31 Issued 4 million shares in exchange for plant facilities. Net income for 2024 was $148 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 (i.e., 10,000,000 should be entered as 10). Basic Diluted Numerator + Denominator = Earnings per Share 148 + $ + = = 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![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 35 million common shares for cash.
January 3 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 $140 million, the president will receive 1
million shares; 2 million shares if net income exceeds $150 million.
March 31 Issued 4 million shares in exchange for plant facilities.
Net income for 2024 was $148 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 (i.e., 10,000,000 should be entered as 10).
Basic
Diluted
Numerator + Denominator = Earnings per Share
$
148
+
=
=
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F146ba547-3393-4257-a101-1e7cee66946f%2Ff1094955-0159-4981-88ce-998793b5f669%2Fhtxef6b_processed.png&w=3840&q=75)
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 35 million common shares for cash.
January 3 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 $140 million, the president will receive 1
million shares; 2 million shares if net income exceeds $150 million.
March 31 Issued 4 million shares in exchange for plant facilities.
Net income for 2024 was $148 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 (i.e., 10,000,000 should be entered as 10).
Basic
Diluted
Numerator + Denominator = Earnings per Share
$
148
+
=
=
0
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