Question #1 Basic EPS

Apex Ltd. Reported $320,000 net income and declared no dividends for 2020 and. The following information for pertains to its capital Structure:

a) Class A preferred shares, $8, no par value, cumulative,

5,000 shares outstanding

b) Class B preferred shares, $9, no par value, non-cumulative,

2,000 shares outstanding

c) Common shares, 60,000 shares outstanding on January 1.

On April 1, 40,000 shares were issued for cash.

On October 1, 16,000 shares were purchased and retired.

Instructions

Calculate basic earnings per share for 2020.