Question: Can you explain how we got this answer? E14.14 (LO3), AP Ringgold Corporation has outstanding at December 31, 2022, 50,000 shares of $20 par value,

Can you explain how we got this answer?

E14.14 (LO3), AP Ringgold Corporation has outstanding at December 31, 2022, 50,000 shares of $20 par value, cumulative, 6% preferred stock and 200,000 shares of $5 par value common stock. All shares were outstanding the entire year. During 2022 , Ringgold earned total revenues of $2,000,000 and incurred total expenses (except income taxes) of $1,300,000. Ringgold's income tax rate is 20%. Instructions Compute Ringgold's 2022 earnings per share. Calculate ratios to evaluate earnings performance

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