(Answered) Problem - eps simple capital structurekendall inc presented

Accounting

Problem - EPS: Simple Capital Structure

Kendall Inc. presented the following data.

Net income $2,200,000

Preferred stock: 50,000 shares outstanding, $100 par, 8% cumulative, not convertible 5,000,000

Common stock: Shares outstanding 1/1 600,000

Issued for cash, 5/1 300,000

Acquired treasury stock for cash, 8/1 150,000

2-for-1 stock split, 10/1

Instructions - Compute earnings per share.

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