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[answered] Assignment 6 1. On December 31, 2015, Belair Corporation ha


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Assignment 6

 

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.

 

Required:

 

Compute Belair's basic earnings per share for 2016. 2. Stan Corp. provides the following data for 20x1

 

Transactions in common stock:

 

1/1, beginning

 

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

 

Option price

 

Average market price

 

Year-end market price 60,000 shares

 

$25

 

$35

 

$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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