Reference no: EM13479728
Flagstad Inc. presented the following data.
Net income ..........................................$2,500,000
Preferred stock: 50,000 shares outstanding,
$100 par, 8% cumulative, not convertible ........5,000,000
Common stock: Shares outstanding 1/1 ............750,000
Issued for cash, 5/1 ....................................300,000
Acquired treasury stock for cash, 8/1 ...............150,000
2-for-1 stock split, 10/1
Instructions
Compute earnings per share.