Please do not give solution in image format thanku TB Problem 19-185 (Algo)On December 31, 2020, Brisbane Company had 100,000 shares of common stock outstanding and 34,000 shares of 5%, $50 par,cumulative preferred stock outstanding. On February 28, 2021, Brisbane purchased 28,000 shares of common stock on the openmarket as treasury stock paying $44 per share. Brisbane sold 6,400 treasury shares on September 30, 2021, for $49 per share. Netincome for 2021 was $184,905. Also outstanding during the year were fully vested incentive stock options giving key officers theoption to buy 54,000 common shares at $44. The market price of the common shares averaged $54 during 2021.Required:Compute Brisbane's basic and diluted earnings per share for 2021. (Round your answers to 2 decimal places.)BasicDilutedEarnings pershare

Net income $184,905 Less : preference dividend (34000*$50*5%) ($85,000) Earning to common…

ber 31, 2020, Brisbane Company had 100,000 shares preferred stock outstanding. On February 28, 2021, creasury stock paying $44 per share. Brisbane sold 6. 2021 was $184,905. Also outstanding during the year uy 54,000 common shares at $44. The market price

ber 31, 2020, Brisbane Company had 100,000 shares preferred stock outstanding. On February 28, 2021, creasury stock paying $44 per share. Brisbane sold 6. 2021 was $184,905. Also outstanding during the year uy 54,000 common shares at $44. The market price

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 24E

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TB Problem 19-185 (Algo)
On December 31, 2020, Brisbane Company had 100,000 shares of common stock outstanding and 34,000 shares of 5%, $50 par,
cumulative preferred stock outstanding. On February 28, 2021, Brisbane purchased 28,000 shares of common stock on the open
market as treasury stock paying $44 per share. Brisbane sold 6,400 treasury shares on September 30, 2021, for $49 per share. Net
income for 2021 was $184,905. Also outstanding during the year were fully vested incentive stock options giving key officers the
option to buy 54,000 common shares at $44. The market price of the common shares averaged $54 during 2021.
Required:
Compute Brisbane's basic and diluted earnings per share for 2021. (Round your answers to 2 decimal places.)
Basic
Diluted
Earnings per
share

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