The following data for Hello Company for 2020 is available: Transactions in Common Shares Jan. 1, 2020, Beginning number Apr. 1, 2020, Purchase of treasury shares (50,000) July 1, 2020, Stock dividend of 50% Nov. 1, 2020, Issuance of new shares 4% Cumulative Convertible Preferred Stock 10,000 shares, par value is $100, convertible into 150,000 shares of common stock (already adjusted for the stock dividend). $1,000,000 Stock Options 50,000 exercisable at the option price of $10 per share. Average market price in 2020 was $25. (market price and option price already adjusted for the stock dividend). Net Income $2,000,000 Instructions Calculate the preferred stock dividend. Calculate the weighted average shares outstanding during the Compute basic earnings per share. (Round to the nearest penny) Compute diluted earnings per share. (Round to the nearest penny) 550,000 250,000 year.

The following data for Hello Company for 2020 is available: Transactions in Common Shares Jan. 1, 2020, Beginning number Apr. 1, 2020, Purchase of treasury shares (50,000) July 1, 2020, Stock dividend of 50% Nov. 1, 2020, Issuance of new shares 4% Cumulative Convertible Preferred Stock 10,000 shares, par value is $100, convertible into 150,000 shares of common stock (already adjusted for the stock dividend). $1,000,000 Stock Options 50,000 exercisable at the option price of $10 per share. Average market price in 2020 was $25. (market price and option price already adjusted for the stock dividend). Net Income $2,000,000 Instructions Calculate the preferred stock dividend. Calculate the weighted average shares outstanding during the Compute basic earnings per share. (Round to the nearest penny) Compute diluted earnings per share. (Round to the nearest penny) 550,000 250,000 year.

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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