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On January 1, 2021, Tonge Industries had outstanding 460,000 common shares ( $1 par) that...

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Accounting

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On January 1, 2021, Tonge Industries had outstanding 460,000 common shares ( $1 par) that originally sold for $25 per share, and 5,000 shares of 10% cumulative preferred stock ( $100 par), convertible into 50.000 common shares. On October 1, 2021, Tonge sold and issued an additional 12,000 shares of common stock at $35. At December 31 , 2021, there were 21,000 incentive stock options outstanding, issued in 2020, and exercisable after one year for 2021,000 shares of common stock at an exercise price of $32. The market price of the common stock at year-end was $50. During the year, the price of the common shares had averaged $42. Net income was $600,000. The tax rate for the year was 25%. Required: Compute basic and diluted EPS for the year ended December 31, 2021. (Enter your answers in thousands (i.e. inn 000 should be entered as 100 ). Round "Earnings per share" answers to 2 decimal places.)

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