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Simpson Corporation computed its diluted earnings per share for the year ended September 30. The company had 200, 000 shares outstanding at the beginning of the year, issued 60,000 shares at April1 , and reacquired 2,000 shares to be held in its treasury on July 1. The company also has 2,000 options outstanding exercisable at $40 per share. The average market price of Simpson's shares during the year was $50. The common stock equivalents added to the company's weighted average shares outstanding used for basic earnings per share was computed using the treasury stock methods. How many additional shares would Simpson include in its diluted earnings per share calculation?
a) 0
b) 400
c) 1,200
d) 1,600
During its first year, the firm earned 249,000. Prepare the entry to close the firms income summary accounts as of its December 31 year end and to allocate the 249,000 net income to partners under each of the following separate assumptions:
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