For several years Orbon, Inc., has followed a policy of paying a cash dividend of $0.49 per share and having a 9% stock dividend. In the 2011 annual report, Orbon reported restated earnings per share for 2009 of $1.20.
Required:
(a) Calculate the originally reported earnings per share for 2009.
(b) Calculate the restated cash dividend per share for 2009 reported in the 2011 annual report for comparative purposes.