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At the end of 2020, the records of Wolverine Corporation reflected the following. Common stock,...

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Accounting

At the end of 2020, the records of Wolverine Corporation reflected the following. Common stock, $10 par; authorized 100,000 shares: issued and outstanding throughout the year, 50,000 shares $500,000 Preferred stock, $50 par, 7%, cumulative, convertible into common stock, share for share; authorized, 10,000 shares; issued and outstanding throughout year, 2,000 shares 100,000 Contributed capital in excess of par, common stock 80,000 Retained earnings (no dividends declared during the year) 470,000 Bonds payable, 10% nonconvertible, issued at par in 2016 150,000 Net income 120,000 Stock options outstanding (all year for 10,000 shares of common stock at $15 per share) Income tax rate, 25% Average market price of the common stock during 2020, $25 per share Required a. Is this a simple or a complex capital structure? Answer Simple structure b. Compute the required EPS amounts. Note: Enter the earnings per share amounts in dollars and cents, rounded to the nearest penny. Note: If an amount is not required, leave the answer blank (zero).

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