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Question - On December 31, 2019, Americana Inc. had 175,000 shares of common stock issued and outstanding. Americana Inc. issued a 40% stock dividend on July 1, 2020. On October 1, 2020, the company purchased 20,000 shares of its common stock for the treasury, and declared a 2-for-1 stock split on December 31, 2020. American also had 10,000 shares of 5%, $20 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or the common stock in 2019 or 2020. Net income for 2020 was $1,000,000.
Required -
a. Compute the required EPS amount.
b. Compute the required EPS amount assuming instead that Americana Inc. declared and paid the current year preferred dividend and one year of dividends in arrears in December 2020.
c. Compute the required EPS amount assuming instead that the preferred stock is noncumulative.
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