Turk Company had net income of $1,792,000 for the year ended December 31, 2020. The Company has 25,000 shares of $100 par value, 10% preferred stock outstanding. The preferred stock is cumulative, but not convertible. On January 1, 2020 Turk had 275,000 shares of common stock outstanding. On April 1, the Company sold 80,000 additional shares of common. The Turk Company board of directors issued a 3 for 1 stock split on June 1, and on October 1 the board purchased 165,000 shares of its common stock on the open market. Instructions: Compute earnings per share for 2020.
Turk Company had net income of $1,792,000 for the year ended December 31, 2020. The Company has 25,000 shares of $100 par value, 10% preferred stock outstanding. The preferred stock is cumulative, but not convertible. On January 1, 2020 Turk had 275,000 shares of common stock outstanding. On April 1, the Company sold 80,000 additional shares of common. The Turk Company board of directors issued a 3 for 1 stock split on June 1, and on October 1 the board purchased 165,000 shares of its common stock on the open market. Instructions: Compute earnings per share for 2020.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 18E: Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares...
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Turk Company had net income of $1,792,000 for the year ended December 31,
2020. The Company has 25,000 shares of $100 par value, 10%
outstanding. The preferred stock is cumulative, but not convertible. On January 1,
2020 Turk had 275,000 shares of common stock outstanding. On April 1, the
Company sold 80,000 additional shares of common. The Turk Company board of
directors issued a 3 for 1 stock split on June 1, and on October 1 the board
purchased 165,000 shares of its common stock on the open market.
Instructions: Compute earnings per share for 2020.
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