Write the eps formula for the given situation

Reference no: EM131814177

Question: Lewis, Inc. began the year with 300,000 shares of common stock and 25.000 shares of 6%, $100 par value, cumulative, convertible preferred stock. Each share of preferred stock is convertible into 4 shares of common stock. On June 30, it purchased 10,000 shares of treasury stock. On November 1. Lewis declared a 2 for 1 stock split Net income for the year was $850,000. Compute weighted average shares of common stock for the year, basic EPS. and diluted EPS.

Instruction: Write the EPS formula. Show all computations used in your solution.

Reference no: EM131814177

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