Net income for the year ended december 31 2004 was 775000., Ask an Expert

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Reese Co. had 300,000 shares of common stock issued and outstanding at December 31, 2003. No common stock was issued during 2004. On January 1, 2004, Reese issued 200,000 shares of nonconvertible preferred stock. During 2004, Reese declared and paid $125,000 cash dividends on the common stock and $100,000 on the preferred stock. Net income for the year ended December 31, 2004 was $775,000. What should be Reese's 2004 earnings per common share?

a. $2.59

b. $2.25

c. $2.16

d. $1.84

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Accounting Basics, Accounting

Category:- Accounting Basics
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