(Answered) Question - on december 31 2008 dow steel corporation had

Accounting

Question - On December 31, 2008, Dow Steel Corporation had 600,000 shares of common stock and 300,000 shares of 8%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 4% common stock dividend on May 15 and paid cash dividend of $400,000 and $750,000 to common and preferred shareholders, respectively, on December 15, 2009.

On February 28, 2009, Dow sold 60,000 common shares. In keeping with its long-term share repurchase plan, 2,000 shares were retired on July 1. Dow's net income for the year ended December 31, 2009, was $2,100,000. The income tax rate is 40%.

Required: Compute Dow's earnings per share for the year ended December 31.2009.

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