Graham Inc. began Year 7 with 25,000 common shares outstanding and issued a 20% stock dividend...

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Graham Inc. began Year 7 with 25,000 common shares outstanding and issued a 20% stock dividend on August 1. The company issued 6,000 shares on December 1. Graham also has 18,000 shares of 9%, $20 par, cumulative preferred stock outstanding on which no dividends have been paid during either Year 6 or Year 7. Net income for Year 7 was $175,600. Compute Graham Inc.'s basic earnings per share for Year 7. If required, round your answer to two decimal places. Graham Inc. began Year 7 with 25,000 common shares outstanding and issued a 20% stock dividend on August 1. The company issued 6,000 shares on December 1. Graham also has 18,000 shares of 9%, $20 par, cumulative preferred stock outstanding on which no dividends have been paid during either Year 6 or Year 7. Net income for Year 7 was $175,600. Compute Graham Inc.'s basic earnings per share for Year 7. If required, round your answer to two decimal places.

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