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Question
A company had the following stockholders' equity information available at year-end:
Issued 11,000 shares of $2 par common stock for $12 per share.
Issued 5,000 shares of $50 par, 6% preferred stock for $70 per share.
Purchased 1,000 shares of previously issued common stock for $15 per share.
Reported net income of $200,000.
Declared and paid the preferred stock dividend.
Determine the earnings per share for the current year.
Answer
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