Solved: Preferred stock 52000 shares outstanding 100 par 8, Accounting Basics

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Preferred stock 52000 shares outstanding 100 par 8

Question - Sandhill Inc. presented the following data.

Net income $2,340,000

Preferred stock: 52,000 shares outstanding, $100 par, 8% cumulative, not convertible 5,200,000

Common stock: Shares outstanding 1/1816,000

Issued for cash, 5/1322,800

Acquired treasury stock for cash, 8/1136, 800 2-for-1 stock split, 10/1

Compute earnings per share.

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Accounting Basics: Preferred stock 52000 shares outstanding 100 par 8

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Accounting Basics: Preferred stock 52000 shares outstanding 100 par 8

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