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What is Basic earnings per share for United Corp

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Question - On January 1, 2018, United Corp. had 200,000 shares of common stock outstanding. During 2018, it had the following transactions that affected the Common Stock account.

February 1 Issued 100,000 shares

March 1 Issued a 40% stock dividend

May 1 Acquired 200,000 shares of treasury stock

June 1 Issued a 1-for-2 stock split

October 1 Issued 10,000 shares

In addition, United Corp. has the following details related to its capital structure:

5,000, 10% bonds issued at face value of $1,000 each. Each of the bonds is convertible to 100 common shares. These 20- year bonds were issued on January 1st 2010 and pay interest annually.

3,000, 10%, cumulative preferred stock. Par value is $1,000 each. Dividends were not paid in 2017.

For 2018, income before income tax expense is $10,000,000. This amount includes a $100,000 interest earned from investing in municipal bonds. No other differences between tax and GAAP.

Income tax expense for 2018 is $2,970,000

Required -

a) What is Basic earnings per share for United Corp. for the year ending December 31, 2018.

b) What is Dilutive earnings per share for United Corp. for the year ending December 31, 2018.

Reference no: EM132536766

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