In 2020, I & T Corporation reported net income of $8.6 million, and declared and paid preferred

Question:

In 2020, I & T Corporation reported net income of $8.6 million, and declared and paid preferred share dividends of $3.2 million. During 2020, I & T had a weighted average of 900,000 common shares outstanding. Calculate I & T’s 2020 earnings per share.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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