Reference no: EM132952542
Question - During 2021, Thompson Company had the following two classes of stock issued and outstanding for the entire year:
250,000 of ordinary shares, P100 par
100,000 of 12% cumulative preference shares, P100 par, convertible share for share into ordinary shares
Thompson's 2021 net income was P9,000,000, and its income tax rate for the year was 30%.
No dividends were declared or paid during the year.
Provide the answer and solutions.
Required -
1. What amount shall be used as a numerator for net income?
2. What is the basic earnings per share?
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