On December 31, 2023, Brisbane Company had 100,000 shares of common stock outstanding and 30.000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 2024, Brisbane purchased 24,000 shares of common stock on the open market as treasury stock paying $40 per share. Brisbane sold 6,000 treasury shares on September 30, 2024, for $45 per share. Net income for 2024 was $180,905. Also outstanding during the year were fully vested incentive stock options giving key officers the option to buy 50,000 common shares at $40. The market price of the common shares averaged $50 during 2024. Required: Compute Brisbane's basic and diluted earnings per share for 2024 Note: Round your answers to 2 decimal places. Basic Diluted Earnings per share
On December 31, 2023, Brisbane Company had 100,000 shares of common stock outstanding and 30.000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 2024, Brisbane purchased 24,000 shares of common stock on the open market as treasury stock paying $40 per share. Brisbane sold 6,000 treasury shares on September 30, 2024, for $45 per share. Net income for 2024 was $180,905. Also outstanding during the year were fully vested incentive stock options giving key officers the option to buy 50,000 common shares at $40. The market price of the common shares averaged $50 during 2024. Required: Compute Brisbane's basic and diluted earnings per share for 2024 Note: Round your answers to 2 decimal places. Basic Diluted Earnings per share
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On December 31, 2023, Brisbane Company had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $50 par,
cumulative preferred stock outstanding. On February 28, 2024, Brisbane purchased 24,000 shares of common stock on the open
market as treasury stock paying $40 per share. Brisbane sold 6,000 treasury shares on September 30, 2024, for $45 per share. Net
income for 2024 was $180,905. Also outstanding during the year were fully vested incentive stock options giving key officers the
option to buy 50,000 common shares at $40. The market price of the common shares averaged $50 during 2024.
Required:
Compute Brisbane's basic and diluted earnings per share for 2024
Note: Round your answers to 2 decimal places.
Basic
Diluted
Earnings per
share
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