please help with this question. I would like to verify my work.
1. On December 31, 2015, Belair Corporation had 100,000 shares of common stock
outstanding and 30,000 shares of 7%, $50 par, cumulative preferred stock outstanding.
On February 28, 2016, Belair purchased 24,000 shares of common stock on the open
market as treasury stock paying $20 per share. On June 30, 2016, Belair declared and
issued a 2-for-1 stock split on outstanding common stock. Belair sold 6,000 treasury
shares on September 30, 2016, for $15 per share. Net income for 2016 was $180,905.
Compute Belair's basic earnings per share for 2016. 2. Stan Corp. provides the following data for 20x1
Transactions in common stock:
4/1, issuance 300,000 shares
100,000 shares 8% $100 par nonconvertible cumulative preferred stock
Issued at par $100,000 6% $100 par convertible cumulative preferred stock
Issued at $105
Convertible into 20,000 shares $200,000 Stock options
Average market price
Year-end market price 60,000 shares
$40 The net income for 20x1 is $2,300,000. The company?s tax rate is 30 percent. No
conversion or options were exercised during 20x1.
Compute basic and diluted earnings per share.
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