Reference no: EM132569663
Question - McNamara Ltd provides the following information for 2012:
1. Net Income [including an extraordinary gain (net of tax) of $160,000] $520,000
2. Capital Structure
(a) Cumulative $8, preferred shares, no par, 6,000 shares issued and outstanding $600,000
(b) Common shares, 76,000 shares outstanding on January 1.
On April 1, 40,000 shares were issued for cash.
On October 1, 16,000 shares were purchased and retired. $1,000,000.
(c) On January 2, 2012, McNamara purchased O'Donnell Corporation.
One of the terms of the purchase was that if McNamara's net income for 2013 is $500,000 or more, 50,000 additional common shares would be issued to O'Donnell shareholders.
3. Other Information
(a) Average market price of the common shares during 2012 $30
(b) Income tax rate 30%
Required - Calculate basic and diluted earnings per share for 2012.
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