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The net income reported on the income statement of Ground HogCo. was $1,250,000. There were 250,000 shares of $40 parcommon stock and 50,000 shares of $10 preferred stock out standing throughout the current year. The income statement included two extra ordinary items: a $360,000 gain from condemnation of landand a $235,000 loss arising from flood damage, both after applicable income tax.

Determine the per share figures for common stock for (a)income before extraordinary items and (b) net income.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9992400

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