Question Details

Chaney Company for the current year






The following data relate to Chaney Company for the current year; year end being December 31.

20,000 shares of common stock outstanding at the beginning of the year

July 1—issued 5,000 shares of common stock

October 1—declared 2-for-1 stock split 

$4,000 in preferred dividends paid during the past year
$80,000 net income

Average market price on common stock during the
past year, $18

Year-end market price on common stock, $20

Required:
Compute the basic earnings per share.





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