Reference no: EM132950611
Question - Keenan Company had the following capital during 2020 and 2021: Preference shares, P100 par, 10% cumulative, 50,000 shares 5,000,000
Ordinary shares, P20 par, 500,000 shares 10,000,000
Keenan reported net income of P4,000,000 for the year ended December 31, 2021. Keenan paid no preference dividends during 2020 and paid P800,000 in preference dividends during 2021. In its 2021 income statement, what amount should Keenan report as basic earnings per share?
Provide answers and solutions.
1. What amount shall be used as a numerator for net income?
2. What is the basic earnings per share?
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