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Their net income is 880000 and they paid 10000 in preferred

Tonga Corporation had 340,000 shares of common stock outstanding on January 1, and 400,000 shares of common stock outstanding on December 31. Their net income is $880,000 and they paid $10,000 in preferred dividends. Compute Tonga's earnings per share as of December 31.

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Cost Accounting: Their net income is 880000 and they paid 10000 in preferred

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