Reference no: EM133126950
Question - On January 1, 2021, Tonge Industries had outstanding 540,000 common shares ($1 par) that originally sold for $30 per share, and 3,000 shares of 10% cumulative preferred stock ($100 par), convertible into 30,000 common shares.
On October 1, 2021, Tonge sold and issued an additional 20,000 shares of common stock at $43. At December 31, 2021, there were 25,000 incentive stock options outstanding, issued in 2020, and exercisable after one year for 25,000 shares of common stock at an exercise price of $40. The market price of the common stock at year-end was $58. During the year, the price of the common shares had averaged $50.
Net income was $680,000. The tax rate for the year was 25%.
Required - Compute basic and diluted EPS for the year ended December 31, 2021.
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