Net income and earnings per share calculation
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During the year ended December 31, 2011, Gluco, Inc., split its stock on a 3-for-1 basis. In its annual report for 2010, the firm reported net income of $3,703,920 for 2010, with an average 268,400 shares of common stock outstanding for that year. There was no preferred stock.
Required:
(a) What amount of net income for 2010 will be reported in Gluco's 2011 annual report?
Net income: $_______
(b) Calculate Gluco's earnings per share for 2010 that would have been reported in the 2010 annual report. (Round your answer to 2 decimal places)
Earnings per share $: ________
(c) Calculate Gluco's earnings per share for 2010 that will be reported in the 2011 annual report for comparative purposes. (Round your answer to 2 decimal places)
Earnings per share $: _________::
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The solution calculatee net income and earnings per share.
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