Exercise 11-15 (Part Level Submission) Cullum ber Company has $1,110,000 in assets and...
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Exercise 11-15 (Part Level Submission) Cullum ber Company has $1,110,000 in assets and $1,110,000 in stockholders' equity, with 40,500 shares outstanding the entire year It has a return on assets of 10%. During 2016, it had net income of $111,000. On January 1, 2017, it issued $440,000 in debt at 696 and immediately repurchased 20,250 shares for $440,000. Management expected that, had it not issued the debt, it would have had net income of $111,000 in 2017. Your answer is partially correct. Try again Determine the company's net income and earnings per share for 2016 and 2017. (Ignore taxes in your computations.) (Round earnings per share to 2 decimal places, e.g. $2.66.) 2016 2017 Net income 111,000 111,000 Earnings per share 2.74 5.48 Click if you would like to Show Work for this question: Open Show Work
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