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IV On December 31, 2019, Jackson Company had 100,000 shares of common stock outstanding and...

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Accounting

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IV On December 31, 2019, Jackson Company had 100,000 shares of common stock outstanding and 30,000 shares of 6%, $100 par, cumulative preferred stock outstanding. On March 1, 2020, it purchased 24,000 shares of common stock on the open market as treasury stock $35 per share. It sold 6,000 treasury shares on September 30, 2010, for $37 per share. Net income of 2020 was $580,905. Also, ten thoysand 6% bonds were issued at par on January 1, 2020. Each $1,000 bond is convertible in a ratio of bonds) to 3 (share common stock). No bonds had been converted by Dec. 31. Assume an income tax rate of 40%. Also outstanding during the year were fully vested incentive stock options giving key personnel the option to buy 50,000 common shares at $40. During 2020, the average market price of the common shares was $38 with a closing price of $39 on December 31. None had been exercised. Required: Compute Jackson's earnings per share for 2020

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