34. Earnings per share is calculated A) only for preferred stock B) only for common stock C) for common and preferred stock D) only for treasury stock 35. Daario Brands had the following during the current year 50,000 shares of $10 par value common stock outstanding on January 1 and 150,000 shares of $10 par value common stock outstanding on December 3 3,500 shares of $100 par value, 10% preferred stock onnig Net income for the current year was $240.000 Earnings per share was (rounded): A) 1.60 B) 2.40 C) 2.05 D) 4.10 36. Oberyn Corporation has 2,000 shares of 6%. S50 par vale, cumulative preferred stock and 150,000 shares of $1 par value common stock outstanding. In 2015, no dividend were declared nor paid. In 2016 $20,000 of total dividends were declared and paid. What are the dividends received by the preferred stockholders in 2016? A) $12,000 B) $6,000 C) $8,000 D) $20,000 company's income tax rate is 40%. The entry to record the income tax includes a A) credit to Income Tax Payable for $222,000 B) debit to Income Tax Expense for $222,000 C) debit to Deferred Tax Liability for $18,000 37. Mountain Corp. has pretax accounting income of $800,000 and taxable income of $555,000. The D) credit to Income Tax Payable for $240,000