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Determine the basic earnings per share for Junkyard Arts

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Problem - Junkyard Arts, Inc., had earnings of $316,000 for the year. The company had 40,000 shares of common stock outstanding during the year and issued 15,000 shares of $50 par value preferred stock. The preferred stock has a dividend of $1.60 per share. There were no transactions in either common or preferred stock during the year.

Required - Determine the basic earnings per share for Junkyard Arts for the year.

Reference no: EM132692887

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