During 2024, its first year of operations, Kevin Berry Industries entered into the following transactions relating to
Question:
During 2024, its first year of operations, Kevin Berry Industries entered into the following transactions relating to shareholders’ equity. The corporation was authorized to issue 100 million common shares, $1 par per share.
Net income for 2024 was $148 million.
Required:
Compute basic and diluted earnings per share for the year ended December 31, 2024.
Transcribed Image Text:
Jan. 2 23 3 Mar. 31 Issued 35 million common shares for cash. Entered an agreement with the company president to issue up to 2 million additional shares of common stock in 2025 based on the earnings of Berry in 2025. If net income exceeds $140 million, the president will receive 1 million shares; 2 million shares if net income exceeds $150 million. Issued 4 million shares in exchange for plant facilities.
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Because the conditions are met for issuing 1 million shares those shares are ass...View the full answer
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