Lone start golf, inc. provides the following information for 2018. net income $380,000 market price per share of common stock $60 per share dividends paid to common stock holders $180,000 common stock outstanding at jan. 1 2018 170,000 shares common stock outstanding at dec. 31 2018 220,000 shares there is no preferred stock outstanding. calculate the earnings per share for 2018.

On june 3, teal company sold to chester company merchandise having a sale price of $2,600 with terms of 2/10, n/60, f.o.b. shipping point. an invoice totaling $91, terms n/30, was received by chester on june 8 from john booth transport service for the freight cost. on june 12, the company received a check for the balance due from chester company. prepare journal entries on the teal company books to record all the events noted above under each of the following bases. (1) sales and receivables are entered at gross selling price. (2) sales and receivables are entered at net of cash discounts.