A company had 500,000 common shares outstanding during 2020. It also had 100,000 shares of 6%, $104 par nonconvertible, noncumulative preferred stock outstanding for the entire year of 2020. The company did not declare and pay a preferred dividend in 2020. It earned net income of $17,000,000 during 2020. Compute basic earnings per share for 2020.

Answer rating: 100% (QA)

Given Outstanding Common Shares 500000 Net Income 17000000 Ou... View the full answer