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Calculate the basic earnings per share for leeds

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Reference no: EM133106859

Question - Leeds Corp. (Leeds) had 700,000 common shares and 20,000 noncumulative preferred shares outstanding at January 1, 2021.

Additional information is as follows:

On September 1, 2021, Leeds issued 100,000 additional common shares.

Net income for 2021 was $1,700,000.

During 2021, Leeds declared and paid preferred dividends of $5 per share.

Leeds is subject to tax at a rate of 40%.

Throughout 2021, the average market price for each common share of Leeds was $52.

Required - Calculate the basic earnings per share for Leeds for the year ended December 31, 2021.

Reference no: EM133106859

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