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Compute the comparative basic earnings

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Question - Lucas Company reports net income of $2,460 for the year ended December 31, 2016, its first year of operations. On January 4, 2016, Lucas issued 9,000 shares of common stock. On August 2, 2016, it issued an additional 3,000 shares of stock, resulting in 12,000 shares outstanding at year-end.

During 2017, Lucas earned net income of $17,400. It issued 3,000 additional shares of stock on March 3, 2017, and declared and issued a 2-for-1 stock split on November 3, 2017, resulting in 30,000 shares outstanding at year-end.

During 2018, Lucas earned net income of $28,800. The only common stock transaction during 2018 was a 20% stock dividend issued on July 2, 2018.

If required, round your final answers to two decimal places.

Required -

1. Compute the basic earnings per share that would be disclosed in the 2016 annual report.

2. Compute the 2016 and 2017 comparative basic earnings per share that would be disclosed in the 2017 annual report.

3. Compute the 2016, 2017, and 2018 comparative basic earnings per share that would be disclosed in the 2018 annual report.

Reference no: EM132513279

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