Reference no: EM132543965
During the current year, Quarry Company was authorized to issue 2,000,000 shares with 10 par value.
The entity entered into the following transactions relating to shareholder's equity:
January 2 issued 1,500,000 ordinary shares for cash.
January 3 entered an agreement with the company president to issue up to 200,000 additional ordinary shares based on the earnings on the entity in the current year.
If net income exceeds 10,000,000 the president will receive shares and 200,000 shares if net income exceeds 12,000,000
December 31 net income for the current year was 11,000,000
Question 1. What amount should be reported as basic earnings per share for the current year?
a. 7.33
b. 6.00
c. 5.50
d. 5.00
Question 2. What amount should be reported as diluted earnings per share for the current year?
a. 6.47
b. 6.88
c. 6.11
d. 5.24
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