Essay
The statement of earnings for Bancroft Company for the year ended December 31, 2013 appears below.
*Includes $6,000 of interest expense and $3,200 of income tax expense.
Additional information:
1. Average number of common shares outstanding in 2013 was 15,000 shares.
2. The market price of Bancroft's shares was $36 per share at the end of 2013
3. Cash dividends of $6,000 were paid; $1,200 of which were paid to preferred shareholders.
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