The income statement of Faster Computers, Inc. showed the following information on December 31, 2014Income before income tax …………………………………$1,472,000Income tax expense …………………………………………….$441,600Income from continuing operations …………………….$1,030,400Extraordinary loss (net of tax savings) ………………….$(100,000)Net income …………………………………………………………$930,400Compute earnings per share figures for common stock under the assumption that Faster Computer Inc. has(1) 320,000 shares of $24 par value common stock outstanding.(2) 9,600 shares of $100, par 8% cumulative preferred stock, and 240,000 shares of no-par common stock. Dividends are not in arrears.Assumption (1) is independent of (2).View Solution:
The income statement of Faster Computers Inc showed the follow



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