Broad Plain Inc. had net income of $350,000 during the year. There were 420,000 common shares and

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Broad Plain Inc. had net income of $350,000 during the year. There were 420,000 common shares and 5,000 shares of $100 par value, 7% preferred stock outstanding during the year.

Determine the basic earnings per share.

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Accounting

ISBN: 978-0324401844

22nd Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

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Question Posted: Jul 17, 2012 01:22 AM

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Broad Plain Inc. had net income of $350,000 during the year. There were 420,000 common shares and

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Accounting

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