### Marin Inc. Financial DataMarin Inc. presented the following financial data:- **Net income:** $2,540,000- **Preferred stock:** 54,000 shares outstanding, $100 par, 8% cumulative, not convertible: $5,400,000- **Common stock:** - Shares outstanding as of January 1: 718,800 - Issued for cash on May 1: 328,800 - Acquired treasury stock for cash on August 1: 165,600 - 2-for-1 stock split on October 1### Computation of Earnings per Share (EPS)Instructions for computation:- **Round the answer to 2 decimal places (e.g., $2.55).****Earnings per share:**```plaintext$```*Note: The EPS calculation involves taking the net income, subtracting any preferred dividends, and dividing the result by the weighted average number of common shares outstanding. Be sure to adjust for the stock split and the issuance and acquisition of shares throughout the year.*

The earnings per share is calculated as total income divided by number of outstanding shares.

Marin Inc. presented the following data. Net income $2,540,000 Preferred stock: 54,000 shares outstanding. $100 par, 8% cumulative, not convertible 5,400,000 Common stock: Shares outstanding 1/1 718,800 Issued for cash, 5/1 328,800 Acquired treasury stock for cash, 8/1 165,600 2-for-1 stock split, 10/1 compute earnings per share. (Round answer to 2 decimal places, e,g. $2.55.) Earnings per share

Marin Inc. presented the following data. Net income $2,540,000 Preferred stock: 54,000 shares outstanding. $100 par, 8% cumulative, not convertible 5,400,000 Common stock: Shares outstanding 1/1 718,800 Issued for cash, 5/1 328,800 Acquired treasury stock for cash, 8/1 165,600 2-for-1 stock split, 10/1 compute earnings per share. (Round answer to 2 decimal places, e,g. $2.55.) Earnings per share

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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