Essay
On January 1,2016,Algerian Delivery had 100,000 shares of common stock outstanding.The following transactions occurred during 2016:
March 1: Reacquired 3,000 shares,accounted for as treasury stock.
September 30: Sold all the treasury shares.
December 1: Sold 12,000 new shares for cash.
December 31: Reported a net income of $297,750.
Required:
Calculate Algerian Delivery's basic earnings per share for the year ended December 31,2016.
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