Ivanhoe Inc. presented the following data.Net income $2,740,000Preferred stock: 45,000 shares outstanding, $100 par, 8% cumulative, not convertible 4,500,000Common stock: Shares outstanding 1/1 714,000 Issued for cash, 5/1 291,600 Acquired treasury stock for cash, 8/1 135,600 2-for-1 stock split, 10/1 Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.)

Earning per share: When net income is divided on the basis of equity shares, it is called earning…

Answered: Ivanhoe Inc. presented the following…

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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Ivanhoe Inc. presented the following data.

Net income		$2,740,000
Preferred stock: 45,000 shares outstanding, $100 par, 8% cumulative, not convertible		4,500,000
Common stock: Shares outstanding 1/1		714,000
Issued for cash, 5/1		291,600
Acquired treasury stock for cash, 8/1		135,600
2-for-1 stock split, 10/1

Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.)

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