Question lewis inc began the year with 300000 shares of, Ask an Expert

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Question: Lewis, Inc. began the year with 300,000 shares of common stock and 25.000 shares of 6%, $100 par value, cumulative, convertible preferred stock. Each share of preferred stock is convertible into 4 shares of common stock. On June 30, it purchased 10,000 shares of treasury stock. On November 1. Lewis declared a 2 for 1 stock split Net income for the year was $850,000. Compute weighted average shares of common stock for the year, basic EPS. and diluted EPS.

Instruction: Write the EPS formula. Show all computations used in your solution.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92642542

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