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1. Comparative Earnings per Lucas Company reports net income of $2,520 for the year ended December 31, 2019, its first year of operations. On January 4, 2019, Lucas issued 9,000 shares of common stock. On August 2, 2019, it issued an additional 3,600 shares of stock, resulting in 12,600 shares outstanding at year-end. During 2020, Lucas earned net income of $18,120. It issued 3,000 additional shares of stock on March 3, 2020, and declared and issued a 2-for-1 stock split on November 3, 2020, resulting in 31,200 shares outstanding at year-end. During 2021, Lucas earned net income of $29,952. The only common stock transaction during 2021 was a 20% stock dividend issued on July 2, 2021. If required, round your final answers to two decimal places. Required: 1. Compute the basic earnings per share that would be disclosed in the 2019 annual report. Share Ner iNCOme 20 20 24 per share (2000% I2) 12000x 112)=1soo 10 SDC 2. Compute the 2019 and 2020 comparative basic earnings per share that would be disclosed in the 2020 annual report. (12 000x2X C2,000+ 3000)N 4300 00015200 = DOG00 2020: per share 18 12D 0.24 2019: per share 30200 3. Compute the 2019, 2020, and 2021 comparative basic earnings per share that would be disclosed in the 2021 annual report. Net iNcOme aaasR ir (31 200 x1-x L31z00+ (31200 x 203 31200 x1,2xel12 37440 12 1372D 1872o = 37140 O.80 2021: $ per share 2020: $ per share per share 2019: $ 032 8 fa eot 36 Este 5.02

1. Comparative Earnings per Lucas Company reports net income of $2,520 for the year ended December 31, 2019, its first year of operations. On January 4, 2019, Lucas issued 9,000 shares of common stock. On August 2, 2019, it issued an additional 3,600 shares of stock, resulting in 12,600 shares outstanding at year-end. During 2020, Lucas earned net income of $18,120. It issued 3,000 additional shares of stock on March 3, 2020, and declared and issued a 2-for-1 stock split on November 3, 2020, resulting in 31,200 shares outstanding at year-end. During 2021, Lucas earned net income of $29,952. The only common stock transaction during 2021 was a 20% stock dividend issued on July 2, 2021. If required, round your final answers to two decimal places. Required: 1. Compute the basic earnings per share that would be disclosed in the 2019 annual report. Share Ner iNCOme 20 20 24 per share (2000% I2) 12000x 112)=1soo 10 SDC 2. Compute the 2019 and 2020 comparative basic earnings per share that would be disclosed in the 2020 annual report. (12 000x2X C2,000+ 3000)N 4300 00015200 = DOG00 2020: per share 18 12D 0.24 2019: per share 30200 3. Compute the 2019, 2020, and 2021 comparative basic earnings per share that would be disclosed in the 2021 annual report. Net iNcOme aaasR ir (31 200 x1-x L31z00+ (31200 x 203 31200 x1,2xel12 37440 12 1372D 1872o = 37140 O.80 2021: $ per share 2020: $ per share per share 2019: $ 032 8 fa eot 36 Este 5.02

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 18E: Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares...
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1. Comparative Earnings per Lucas Company reports net income of $2,520 for the year ended December 31, 2019, its first year of operations. On January 4, 2019, Lucas issued 9,000 shares of common stock. On August 2, 2019, it issued an additional 3,600 shares of stock, resulting in 12,600 shares outstanding at year-end. During 2020, Lucas earned net income of $18,120. It issued 3,000 additional shares of stock on March 3, 2020, and declared and issued a 2-for-1 stock split on November 3, 2020, resulting in 31,200 shares outstanding at year-end. During 2021, Lucas earned net income of $29,952. The only common stock transaction during 2021 was a 20% stock dividend issued on July 2, 2021. If required, round your final answers to two decimal places. Required: 1. Compute the basic earnings per share that would be disclosed in the 2019 annual report. Share Ner iNCOme 20 20 24 per share (2000% I2) 12000x 112)=1soo 10 SDC 2. Compute the 2019 and 2020 comparative basic earnings per share that would be disclosed in the 2020 annual report. (12 000x2X C2,000+ 3000)N 4300 00015200 = DOG00 2020: per share 18 12D 0.24 2019: per share 30200 3. Compute the 2019, 2020, and 2021 comparative basic earnings per share that would be disclosed in the 2021 annual report. Net iNcOme aaasR ir (31 200 x1-x L31z00+ (31200 x 203 31200 x1,2xel12 37440 12 1372D 1872o = 37140 O.80 2021: $ per share 2020: $ per share per share 2019: $ 032 8 fa eot 36 Este 5.02
Transcribed Image Text:1. Comparative Earnings per Lucas Company reports net income of $2,520 for the year ended December 31, 2019, its first year of operations. On January 4, 2019, Lucas issued 9,000 shares of common stock. On August 2, 2019, it issued an additional 3,600 shares of stock, resulting in 12,600 shares outstanding at year-end. During 2020, Lucas earned net income of $18,120. It issued 3,000 additional shares of stock on March 3, 2020, and declared and issued a 2-for-1 stock split on November 3, 2020, resulting in 31,200 shares outstanding at year-end. During 2021, Lucas earned net income of $29,952. The only common stock transaction during 2021 was a 20% stock dividend issued on July 2, 2021. If required, round your final answers to two decimal places. Required: 1. Compute the basic earnings per share that would be disclosed in the 2019 annual report. Share Ner iNCOme 20 20 24 per share (2000% I2) 12000x 112)=1soo 10 SDC 2. Compute the 2019 and 2020 comparative basic earnings per share that would be disclosed in the 2020 annual report. (12 000x2X C2,000+ 3000)N 4300 00015200 = DOG00 2020: per share 18 12D 0.24 2019: per share 30200 3. Compute the 2019, 2020, and 2021 comparative basic earnings per share that would be disclosed in the 2021 annual report. Net iNcOme aaasR ir (31 200 x1-x L31z00+ (31200 x 203 31200 x1,2xel12 37440 12 1372D 1872o = 37140 O.80 2021: $ per share 2020: $ per share per share 2019: $ 032 8 fa eot 36 Este 5.02
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