Nagy Industries Reported a Net Income of $619,369 on December

question 231

Essay

Nagy Industries reported a net income of $619,369 on December 31, 2018. At the beginning of the year, the company had 500,000 common shares outstanding. On April 1, the company sold 27,000 shares for cash. On August 31, the company issued 48,000 additional shares as part of a merger. On December 1, 2018, the company declared and issued a 10% stock dividend.
Required:
Compute Nagy's net income that would produce a basic EPS of $2.00 per share for 2018.

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Definitions:

Autism Spectrum

A range of neurodevelopmental conditions characterized by challenges with social skills, repetitive behaviors, speech and nonverbal communication, each person affected can have symptoms from mild to severe.

Schizophrenia

A severe psychological condition marked by disturbances in thinking, sensing, emotional regulation, and social behavior.

Obsessive-compulsive

Pertaining to a disorder characterized by recurrent, unwanted thoughts (obsessions) and repetitive behaviors (compulsions).

Histrionic Personality

A personality disorder characterized by a pattern of excessive emotionality and attention-seeking behavior.