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Caterpillar Inc. and Deere & Company are two large companies that manufacture and sell equipment used...

Caterpillar Inc. and Deere & Company are two large companies that manufacture and sell equipment used in the construction, mining, agricultural, and forestry industries. The companies reported the following data (in millions) for two recent years: Caterpillar Deere Year 2 Year 1 Year 2 Year 1 Net income $2,102 $3,695 $1,940 $3,162 Average number of common shares outstanding 594 599 334 363 a. Determine the earnings per share in Year 2 and Year 1 for each company. Round your answers to two decimal places.
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Answer #1
Earnings per share Year 2 Year 1
Caterpillar $   3.54 $   6.17
Deere $   5.81 $   8.71
Workings:
Caterpillar:
Year 2 Year 1
(i) Net Income $ 2,102 $ 3,695
(ii) Average number of common shares outstanding         594         599
(i) / (ii) Earnings per share $   3.54 $   6.17
Deere:
Year 2 Year 1
(i) Net Income $ 1,940 $ 3,162
(ii) Average number of common shares outstanding         334         363
(i) / (ii) Earnings per share $   5.81 $   8.71
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