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Nagy Industries reported a net income of $569,369 on December 31, 2018. At the beginning of the year, the company had 450,000 common shares outstanding. On April 1, the company sold 24,000 shares for cash. On August 31, the company issued 42,000 additional shares as part of a merger. On December 1, 2018, the company declared and issued a 8% stock dividend. Required: Compute Nagy's net income that would produce a basic EPS of $1.75 per share for 2018. (Round your answer to the nearest whole dollar.)

Nagy Industries reported a net income of $569,369 on December 31, 2018. At the beginning of the year, the company had 450,000 common shares outstanding. On April 1, the company sold 24,000 shares for cash. On August 31, the company issued 42,000 additional shares as part of a merger. On December 1, 2018, the company declared and issued a 8% stock dividend. Required: Compute Nagy's net income that would produce a basic EPS of $1.75 per share for 2018. (Round your answer to the nearest whole dollar.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Nagy Industries reported a net income of $569,369 on December 31, 2018. At the beginning of the year, the company had 450,000 common shares outstanding. On April 1, the company sold 24,000 shares for cash. On August 31, the company issued 42,000 additional shares as part of a merger. On December 1, 2018, the company declared and issued a 8% stock dividend. Required: Compute Nagy's net income that would produce a basic EPS of $1.75 per share for 2018. (Round your answer to the nearest whole dollar.)
Transcribed Image Text:Nagy Industries reported a net income of $569,369 on December 31, 2018. At the beginning of the year, the company had 450,000 common shares outstanding. On April 1, the company sold 24,000 shares for cash. On August 31, the company issued 42,000 additional shares as part of a merger. On December 1, 2018, the company declared and issued a 8% stock dividend. Required: Compute Nagy's net income that would produce a basic EPS of $1.75 per share for 2018. (Round your answer to the nearest whole dollar.)
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