Assume that the following data relative to Kane Company for 2018is available:Net Income$2,890,000...Assume that...

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Accounting

Assume that the following data relative to Kane Company for 2018is available:
Net Income $2,890,000
Transactions in Common Shares Change Cumulative
Jan. 1, 2018, Beginning number 740,000
Mar. 1, 2018, Purchase of treasury shares (72,000) 668,000
June 1, 2018, Stock split 2-1 668,000 1,336,000
Nov. 1, 2018, Issuance of shares 222,000 1,558,000
6% Cumulative Convertible Preferred Stock
Sold at par, convertible into 180,000 shares of common(adjusted for split). $900,000
Stock Options
Exercisable at the option price of $25 per share. Averagemarket price in 2018, $30 (market price and option price adjustedfor split). 90,000 shares
Compute weighted average shares outstanding for 2018.
Weighted average shares outstanding
Compute the basic earnings per share for 2018.(Round answer to 2 decimal places, e.g.52.75.)
Basic earnings per share $
Compute the diluted earnings per share for 2018.(Round answer to 2 decimal places, e.g.52.75.)
Diluted earnings per share $

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In: AccountingAssume that the following data relative to Kane Company for 2018is available:Net Income$2,890,000...Assume that the following data relative to Kane Company for 2018is available:Net Income$2,890,000Transactions in Common SharesChangeCumulativeJan. 1, 2018, Beginning number740,000Mar. 1, 2018, Purchase of treasury shares(72,000)668,000June 1, 2018, Stock split 2-1668,0001,336,000Nov. 1, 2018, Issuance of shares222,0001,558,0006% Cumulative Convertible Preferred StockSold at par, convertible into 180,000 shares of common(adjusted for split).$900,000Stock OptionsExercisable at the option price of $25 per share. Averagemarket price in 2018, $30 (market price and option price adjustedfor split).90,000sharesCompute weighted average shares outstanding for 2018.Weighted average shares outstandingCompute the basic earnings per share for 2018.(Round answer to 2 decimal places, e.g.52.75.)Basic earnings per share$Compute the diluted earnings per share for 2018.(Round answer to 2 decimal places, e.g.52.75.)Diluted earnings per share$

Net Income		$2,890,000

Transactions in Common Shares	Change	Cumulative
Jan. 1, 2018, Beginning number		740,000
Mar. 1, 2018, Purchase of treasury shares	(72,000)	668,000
June 1, 2018, Stock split 2-1	668,000	1,336,000
Nov. 1, 2018, Issuance of shares	222,000	1,558,000

6% Cumulative Convertible Preferred Stock
Sold at par, convertible into 180,000 shares of common(adjusted for split).		$900,000

Stock Options
Exercisable at the option price of $25 per share. Averagemarket price in 2018, $30 (market price and option price adjustedfor split).		90,000	shares