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Q.2 Stanley Hugo, company secretary and CFO in the finance department of Alied Corporation was given the sasignment of determining the braic and diluted caminga per share values for the year ending December 31, 2019. Stanley has compiled the information med below 1. The company is authorized to 00.000 wes of 810 par value common stock. As of December 31, 2018, 2,000,000 shares had been issued and were outstanding 2 The per share market prices of the common stock on selected dates were as follows Price per Share July 1, 2018 January 1, 2019 April 1, 2019 July 1, 2010 August 1, 2019 November 1 2019 December 31 2019 $20.00 21.00 25.00 11.00 10.50 9.00 10.00 3. A total of 700,000 shares of an authorized 1.200,000 shares of convertible preferred stock had been awed on July 1, 2018 The stock was las edati par value of $25, and has a cumulative dividend of a pershare. The stock is convertible into common stock at the rate of one share of convertible preferred for one share of common. The rate of conversion is to be automatically adjusted for stock spits and June 30 and stock dividends. Dividends are paid quarterly on September 30, December 31, March 31. 4 The Corporation is subject to a 40 income tax rate 5 The after tax net income for the year ended December 31, 2019, We $11,550,000 The following specific activities took place during 2019 1. January 1-A 5s common stock dividend was issued. The dividend had been declared on December 1, 2018. to al stockholders of record on December 29, 2018 2 April 1-A total of 400,000 shares of the $3 convertible preferred stock was converted into common stock. The company based new common stock and retired the preferred stock This was the only conversion of the preferred stock during 2019 3 July 1-A2 for 1 split of the common stock became affective on this date. The board of directors had authorised the spit on June 1 August 1-A total of 200000 shares of common stock were issued to acquire a factory building 5 November 1-A total of 24,000 shares of common stock were purchased on the open market per share. These shares were to be held te wystock and were still in the treasurya of December 31, 2019 6. Common stock cach dividends-Cash dividenda to common stockholders were declared and paid as follows April 15-10.30 pershare October 15-50.20 per share 7. Preferred stock cash dividends-Cash dividends to preferred stockholders were declared and paid a scheduled Instructions Determine the number of share used to compute basic eaminga pershare for the year ended December 31, 2019 2 b) Determine the number of shares used to computed deamings per share for the year ended December 31, 2019 Compute the adjusted net income to be used as the numerater in the basic camins per share calculation for the year ended December 31, 2019 Q.2 Stanley Hugo, company secretary and CFO in the finance department of Alied Corporation was given the sasignment of determining the braic and diluted caminga per share values for the year ending December 31, 2019. Stanley has compiled the information med below 1. The company is authorized to 00.000 wes of 810 par value common stock. As of December 31, 2018, 2,000,000 shares had been issued and were outstanding 2 The per share market prices of the common stock on selected dates were as follows Price per Share July 1, 2018 January 1, 2019 April 1, 2019 July 1, 2010 August 1, 2019 November 1 2019 December 31 2019 $20.00 21.00 25.00 11.00 10.50 9.00 10.00 3. A total of 700,000 shares of an authorized 1.200,000 shares of convertible preferred stock had been awed on July 1, 2018 The stock was las edati par value of $25, and has a cumulative dividend of a pershare. The stock is convertible into common stock at the rate of one share of convertible preferred for one share of common. The rate of conversion is to be automatically adjusted for stock spits and June 30 and stock dividends. Dividends are paid quarterly on September 30, December 31, March 31. 4 The Corporation is subject to a 40 income tax rate 5 The after tax net income for the year ended December 31, 2019, We $11,550,000 The following specific activities took place during 2019 1. January 1-A 5s common stock dividend was issued. The dividend had been declared on December 1, 2018. to al stockholders of record on December 29, 2018 2 April 1-A total of 400,000 shares of the $3 convertible preferred stock was converted into common stock. The company based new common stock and retired the preferred stock This was the only conversion of the preferred stock during 2019 3 July 1-A2 for 1 split of the common stock became affective on this date. The board of directors had authorised the spit on June 1 August 1-A total of 200000 shares of common stock were issued to acquire a factory building 5 November 1-A total of 24,000 shares of common stock were purchased on the open market per share. These shares were to be held te wystock and were still in the treasurya of December 31, 2019 6. Common stock cach dividends-Cash dividenda to common stockholders were declared and paid as follows April 15-10.30 pershare October 15-50.20 per share 7. Preferred stock cash dividends-Cash dividends to preferred stockholders were declared and paid a scheduled Instructions Determine the number of share used to compute basic eaminga pershare for the year ended December 31, 2019 2 b) Determine the number of shares used to computed deamings per share for the year ended December 31, 2019 Compute the adjusted net income to be used as the numerater in the basic camins per share calculation for the year ended December 31, 2019