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What amount should be reported as basic earnings

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Question 1 - On January 1, 2017 an entity had 60,000 ordinary shares outstanding P100 par or a total par value of P6.000,000. During 2017 the entity issued rights to acquire one ordinary share at P100 in the ratio of one share for every 5 shares held. The rights are exercised on March 31, 2017. The market value of each share immediately prior to March 31. 2017 was P160. The net income for 2017 was P4,000.000.

What amount should be reported as basic earnings per share?

a. P5114 b. P5555 c. P5197 d. P656

Question 2 - An entity provided the following extract from statement of comprehensive income for the year ended December 31. 2017:

Income before tax P6,000,000

Income tax expense 1,800,000

The entity paid during the year an ordinary dividend of P1,000,000 and a dividend on the redeemable preference shares of P500000. The entity had P1.000,000 of P5 par value ordinary shares in issue throughout the year and P500,000 authorized ordinary shares. What amount should be reported as basic earnings per share for the year?

a. P3000 b. P2750 c. P21.00 d. P1850

Reference no: EM132558989

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