Last year, Benton Manufacturing, Inc. had capital invested of $2,500,000 on 50,000 shares outstanding and net income of $450,000. Benton recently issued another 10,000 shares at $50 each. What net income must the company achieve to maintain the previous year's earnings per share?
A) $300,000
B) $400,000
C) $450,000
D) $500,000
E) $540,000
Correct Answer:
Verified
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