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Calculate the adjusted comparative earnings per share

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Question - For the year ending 30 June 2020, David Ltd reported net profit after tax amounting to $840 000. At the beginning of the year 1 July 2019, David Ltd had 700 000 ordinary shares as well as a total of 96 000, $1, 15% cumulative preference shares outstanding. On 1 December 2019 the company issued another additional fully paid ordinary shares by way of a rights issue. The right provided an additional share for every 5 held and required payment of $1.10. The last cum rights share price was $1.40. The basic earnings per share for the year ended 30 June 2019 was $1.20.

Required -

(i) Calculate the basic earnings per share for the year ending 30 June 2020.

(ii) Calculate the adjusted comparative earnings per share for 2019 to be disclosed in the financial statements for the year ending 30 June 2020.

Reference no: EM132926346

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