On December 31, 2020, Clarkson Company had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 2021, Clarkson purchased 24,000 shares of common stock on the open market as treasury stock paying $45 per share. Clarkson sold 6,000 of the treasury shares on September 30, 2021, for $47 per share. Net income for 2021 was $180,905. Also outstanding at December 31, 2020, were fully vested incentive stock options giving key executives the option to buy 50,000 common shares at $40. These stock options were exercised on November 1, 2021. The market price of the common shares averaged $50 during 2021. Required: Compute Clarkson's basic and diluted earnings per share for 2021. (Round your answers to 2 decimal places.) Basic EPS Diluted EPS

On january 1, 2018, jay company acquired all the outstanding ownership shares of zee company. in assessing zee's acquisition-date fair values, jay concluded that the carrying value of zee's long-term debt (8-year remaining life) was less than its fair value by $21,600. at december 31, 2018, zee company's accounts show interest expense of $14,440 and long-term debt of $380,000. what amounts of interest expense and long-term debt should appear on the december 31, 2018, consolidated financial statements of jay and its subsidiary zee? long-term debt $401,600 $398,900 $401,600 $398,900 interest expense $17,140 $17,140 $11,740 $11,740 a. b. c. d.

Pear co.’s income statement for the year ended december 31, as prepared by pear’s controller, reported income before taxes of $125,000. the auditor questioned the following amounts that had been included in income before taxes: equity in earnings of cinn co. $ 40,000 dividends received from cinn 8,000 adjustments to profits of prior years for arithmetical errors in depreciation (35,000) pear owns 40% of cinn’s common stock, and no acquisition differentials are relevant. pear’s december 31 income statement should report income before taxes of

The direct labor budget of yuvwell corporation for the upcoming fiscal year contains the following details concerning budgeted direct labor-hours: 1st quarter 2nd quarter 3rd quarter 4th quarterbudgeted direct labor-hours 11,200 9,800 10,100 10,900the company uses direct labor-hours as its overhead allocation base. the variable portion of its predetermined manufacturing overhead rate is $6.00 per direct labor-hour and its total fixed manufacturing overhead is $80,000 per quarter. the only noncash item included in fixed manufacturing overhead is depreciation, which is $20,000 per quarter.required: 1. prepare the company’s manufacturing overhead budget for the upcoming fiscal year.2. compute the company’s predetermined overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year.