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Discuss the similarities and the differences between the accounting for basic earnings per share vs diluted earnings per share.
Discuss the similarities and the differences between the accounting for basic earnings per share vs diluted earnings per share.
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Exercise 19-20 EPS; contingently issuablesharesLO10 | ||
During its first year of operations,McCollumTool Works entered into the following transactions relatingtoshareholdersâ equity. The corporation was authorized to issue100million common shares, $1 par per share. | ||
Jan. 2 | Issued 35 million common shares for cash. | |
3 | Entered an agreement with the company president to issue up to2million additional shares of common stock in 2010 based ontheearnings of McCollum in 2010. If net income exceeds $140million,the president will receive 1 million shares; 2 millionshares ifnet income exceeds $150 million. | |
Mar. 31 | Issued 4 million shares in exchange for plant facilities. | |
Net income for2009 was $148million. | ||
Required: | ||
Compute basic and diluted earnings per share fortheyear ended December 31, 2009. | ||
Round your answers totwo decimal places.Omit the "$" sign in yourresponse. | ||
Basic earnings per share | = | $ |
Diluted earnings per share | = | $ |