Reference no: EM132509738
Question - On December 31, 2017, Dow Steel Corporation had 670,000 shares of common stock and 37,000 shares of 7% noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 4% common stock dividend on May 15, and paid cash dividends of $470,000 and $76,000 to common and preferred shareholders, respectively, on December 15, 2018.
On February 28, 2018, Dow sold 51,000 common shares in keeping with its long-term share repurchase plan, 4,000 shares were retired on July 1. Dow's net income for the year ended December 31, 2018, was $2,450,000. The income tax rate is 40%.
Compute Dow's earnings per share for the year ended December 31, 2018.
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