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You are considering an investment in Coastal Resorts Inc. During the last year, the firm's income statement listed an addition to retained earnings of $22.50 million and common stock dividends of $4.50 million. Coastal's year-end balance sheet shows common stockholders' equity of $135.0 million with 45 million shares of common stock outstanding. The common stock's market price per share was $14.25. What is Coastal Resorts Inc.'s earnings per share?

You are considering an investment in Coastal Resorts Inc. During the last year, the firm's income statement listed an addition to retained earnings of $22.50 million and common stock dividends of $4.50 million. Coastal's year-end balance sheet shows common stockholders' equity of $135.0 million with 45 million shares of common stock outstanding. The common stock's market price per share was $14.25. What is Coastal Resorts Inc.'s earnings per share?

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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Please explain the solution to this general accounting problem with accurate principles.

You are considering an investment in Coastal Resorts Inc. During the last year, the firm's income statement listed an addition to retained earnings of $22.50 million and common stock dividends of $4.50 million. Coastal's year-end balance sheet shows common stockholders' equity of $135.0 million with 45 million shares of common stock outstanding. The common stock's market price per share was $14.25. What is Coastal Resorts Inc.'s earnings per share?
Transcribed Image Text:You are considering an investment in Coastal Resorts Inc. During the last year, the firm's income statement listed an addition to retained earnings of $22.50 million and common stock dividends of $4.50 million. Coastal's year-end balance sheet shows common stockholders' equity of $135.0 million with 45 million shares of common stock outstanding. The common stock's market price per share was $14.25. What is Coastal Resorts Inc.'s earnings per share?
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