Graham Inc. began Year 7with 25,000common shares outstanding and issued a 20%stock dividend on August...

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Accounting

Graham Inc. began Year 7with 25,000common shares outstanding and issued a 20%stock dividend on August 1.The company issued 6,000shares on December 1.Graham also has 18,000shares of 9%,$20par, cumulative preferred stock outstanding on which no dividends have been paid during either Year 6or Year 7.Net income for Year 7was $175,600.
Compute Graham Inc.'s basic earnings per share for Year 7.round 2decimal places if needed.
4.02 and 4.88 are incorrect answers

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