Myrtle Corporation began the year with a simple capital structure consisting of 480,000 shares of outstanding common stock. On April 1, 10,000 additional common shares were issued, and another 60,000 common shares were issued on August 1. The company had net income for the year of $589,375. Calculate the earnings per share of common stock. Round to two decimal points.

Myrtle Corporation began the year with a simple capital structure consisting of 480,000 shares of outstanding common stock. On April 1, 10,000 additional common shares were issued, and another 60,000 common shares were issued on August 1. The company had net income for the year of $589,375. Calculate the earnings per share of common stock. Round to two decimal points.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 21EA: James Corporation earned net income of $90,000 this year. The company began the year with 600 shares...

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