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Determine the basic earnings per share for crystal arts

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Question - Crystal Arts, Inc., had earnings of $408,700 for 2016. The company had 46,000 shares of common stock outstanding during the year. In addition, the company issued 3,500 shares of $50 par value preferred stock on January 3, 2016. The preferred stock has a dividend of $9 per share. There were no transactions in either common or preferred stock during 2016.

Determine the basic earnings per share for Crystal Arts. Round answer to two decimal places.

Reference no: EM132067129

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