On December 31,2015,Belair Corporation had 100,000 shares of common stock outstanding and 30,000 shares of 7%,$50 par,cumulative preferred stock outstanding.On February 28,2016,Belair purchased 24,000 shares of common stock on the open market as treasury stock paying $20 per share.On June 30,2016,Belair declared and issued a 2-for-1 stock split on outstanding common stock.Belair sold 6,000 treasury shares on September 30,2016,for $15 per share.Net income for 2016 was $180,905.
Required:
Compute Belair's basic earnings per share for 2016.

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The Answer of On December 31,2015,Belair Corporation had 100,000 shares of common stock outstanding and 30,000 shares of 7%,$50 par,cumulative preferred stock outstanding.On February 28,2016,Belair purchased 24,000 shares of common stock on the open market as treasury stock paying $20 per share.On June 30,2016,Belair declared and issued a 2-for-1 stock split on outstanding common stock.Belair sold 6,000 treasury shares on September 30,2016,for $15 per share.Net income for 2016 was $180,905.
Required:
Compute Belair's basic earnings per share for 2016.

On December 31,2015,Belair Corporation Had 100,000 Shares of Common Stock