Question

On December 31, 2020, Jackson Company had 100,000 shares of common stock outstanding and 36,000 shares...

On December 31, 2020, Jackson Company had 100,000 shares of common stock outstanding and 36,000 shares of 5%, $50 par, cumulative preferred stock outstanding. On February 28, 2021, Jackson purchased 30,000 shares of common stock on the open market as treasury stock for $41 per share. Jackson sold 6,600 treasury shares on September 30, 2021, for $43 per share. Net income for 2021 was $186,905. Also outstanding during the year were fully vested incentive stock options giving key executives the option to buy 56,000 common shares at $46. The market price of the common shares averaged $45 during 2021.

Required: Compute Jackson's basic AND diluted earnings per share for 2021. (Round your answers to 2 decimal places.)

Earnings per share
Basic
Diluted
Business   Accounting   
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The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.

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