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Question - Sumner Industries began the year with 140,000 shares of common stock and 10,000 shares of 6%, $100 par value, cumulative, nonconvertible preferred stock. On April 1 it declared a 10% stock dividend on common shares. On June 1, it purchased 15,000 shares of treasury stock. On December 1, Sumner declared a 2 for 1 stock split. Net income for the year was $570,000. Compute weighted average shares of common stock for the year and basic EPS.
Instructions - Write the EPS formula. Show all computations used in your solution.
the fundamental accounting equation is a reflection of themoney measurement conceptconservatism conceptdual-aspect
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During April of the current year, Ronen purchased a warehouse that he used for business purposes. The basis was $1,600,000. Calculate the maximum depreciation expense during the current year?
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