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On January, 2023 Meribel Ltd. had 192,000 common shares issued and outstanding. During 2023 the following transactions occurred: Mar1 issued 84,000 common shares Apr 30 issued 5% stock dividend May 31 issued a 3 for 1 stock split July 31 Acquired 48,000 common shares Sept 30 Issued 24,000 common shares In addition to common shares Meribel had 24,000 of 8%, $100 par, cumulative preferred shares outstanding for the whole year. No dividends were declared during the year. Net income for the year was $1,200,000. Required: Calculate the earnings per share for the year.

On January, 2023 Meribel Ltd. had 192,000 common shares issued and outstanding. During 2023 the following transactions occurred: Mar1 issued 84,000 common shares Apr 30 issued 5% stock dividend May 31 issued a 3 for 1 stock split July 31 Acquired 48,000 common shares Sept 30 Issued 24,000 common shares In addition to common shares Meribel had 24,000 of 8%, $100 par, cumulative preferred shares outstanding for the whole year. No dividends were declared during the year. Net income for the year was $1,200,000. Required: Calculate the earnings per share for the year.

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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On January, 2023 Meribel Ltd. had 192,000 common shares issued and outstanding. During 2023 the following transactions occurred: Mar1 issued 84,000 common shares Apr 30 issued 5% stock dividend May 31 issued a 3 for 1 stock split July 31 Acquired 48,000 common shares Sept 30 Issued 24,000 common shares In addition to common shares Meribel had 24,000 of 8%, $100 par, cumulative preferred shares outstanding for the whole year. No dividends were declared during the year. Net income for the year was $1,200,000. Required: Calculate the earnings per share for the year.
Transcribed Image Text:On January, 2023 Meribel Ltd. had 192,000 common shares issued and outstanding. During 2023 the following transactions occurred: Mar1 issued 84,000 common shares Apr 30 issued 5% stock dividend May 31 issued a 3 for 1 stock split July 31 Acquired 48,000 common shares Sept 30 Issued 24,000 common shares In addition to common shares Meribel had 24,000 of 8%, $100 par, cumulative preferred shares outstanding for the whole year. No dividends were declared during the year. Net income for the year was $1,200,000. Required: Calculate the earnings per share for the year.
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