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P.49-7 During 2020, ABC Company had the following two classes of share capital issued and outstanding for the entire year: 200,000 ordinary shares, P10 par, P2,000,000 2,000 12% preference shares, P100 par, convertible share for share into ordinary share, P200,000 ABC's 2020 net income was P1,800,000 and its income tax rate for the year was 30%. In the computation of basic earnings per share, the amount to be used as earnings is (round answer to a whole number) 1,776,000

P.49-7 During 2020, ABC Company had the following two classes of share capital issued and outstanding for the entire year: 200,000 ordinary shares, P10 par, P2,000,000 2,000 12% preference shares, P100 par, convertible share for share into ordinary share, P200,000 ABC's 2020 net income was P1,800,000 and its income tax rate for the year was 30%. In the computation of basic earnings per share, the amount to be used as earnings is (round answer to a whole number) 1,776,000

FINANCIAL ACCOUNTING
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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Incorrect Question 39 0/1 pts P.49-7 During 2020, ABC Company had the following two classes of share capital issued and outstanding for the entire year: 200,000 ordinary shares, P10 par, P2,000,000 2,000 12% preference shares, P100 par, convertible share for share into ordinary share, P200,000 ABC's 2020 net income was P1,800,000 and its income tax rate for the year was 30%. In the computation of basic earnings per share, the amount to be used as earnings is (round answer to a whole number) 1,776,000
Transcribed Image Text:Incorrect Question 39 0/1 pts P.49-7 During 2020, ABC Company had the following two classes of share capital issued and outstanding for the entire year: 200,000 ordinary shares, P10 par, P2,000,000 2,000 12% preference shares, P100 par, convertible share for share into ordinary share, P200,000 ABC's 2020 net income was P1,800,000 and its income tax rate for the year was 30%. In the computation of basic earnings per share, the amount to be used as earnings is (round answer to a whole number) 1,776,000
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