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At year end Counter Top, Inc. has determined its net income to be $1,200,000. During...

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Accounting

At year end Counter Top, Inc. has determined its net income to be $1,200,000. During the entire year, 20,000 shares of 8%, $50 par convertible preferred stock was outstanding. Each share of preferred will be eventually eligible to be exchanged for 20 shares of $2 par value common.

For the common shares: January 1 600,000 shares outstanding April 1 30,000 shares issued October 1 4 for 1 stock split Calculate the basic and fully diluted earnings per share.

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