Net Income Was $240,000 for the Year

question 29

Multiple Choice

Net income was $240,000 for the year.Throughout the year the company had outstanding 12,000 shares of 6%, $50 par value preferred stock and 75,000 shares of common stock.Basic earnings per share of common stock for the year were:

• A)$2.34
• B)$2.72
• C)$3.20
• D)$3.68

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Definitions:

Oversteepening

A geomorphological process where slopes become excessively steep in relation to the stability of their materials and gravitational forces, often leading to landslides.

Mineral Deposit

A mass of naturally occurring rocks and other materials that are especially rich in some commodity that might be valuable.

Leaching

The separation or dissolution of soluble constituents from a rock, sediment, or soil by percolation of water.

RePrecipitate

The process in which dissolved substances crystallize or become solid again from a solution.