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What amount should be reported as basic earnings per share

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Reference no: EM133157557

Question - An entity had the following share capital during 2022:

Preference share capital, P10 par, 4% cumulative, 500,000 shares 5,000,000

Ordinary share capital, P25 par, 800,000 shares 20,000,000

The entity reported a net income of P10,000,000 for the current year. There are no preference dividends in arrears on December 31, 2020. The entity paid no preference dividends during 2021 and paid P320,000 in preference dividends during 2022. What amount should be reported as basic earnings per share for 2022?

a. 12.25

b. 12.10

c. 12.00

d. 12.50

Reference no: EM133157557

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