Solved: During the year the company reported net income of 550000, Accounting Basics

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During the year the company reported net income of 550000

Question - Sonny Corporation has a simple capital structure of 100.000 share of $1 common stock and 20.000 share of 5% preferred stock $50 par. Both classes of stock outstanding for the entire year. During the year the company reported net income of $550.000 and declared dividends 75.000 and 50.000 on common stock and proffered stock, respectively. Compute the sonny's earnings per share for the year?

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Accounting Basics: During the year the company reported net income of 550000

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