The following data were reported in the shareholders' equity section of the BubbaIndustries' comparative balance sheets for the years ended December 31 ($ in millions):2020 2019Common stock, $1 par per sharePaid-in capital-excess of parRetained earnings$306 $300174150314 300During 2020, Bubba declared and paid cash dividends of $45 million. The company alsoissued a stock dividend. No other changes occurred in shares outstanding during 2020.What was Bubba's net income for 2020?$99 millionO $24 millionO $69 million$75 million

Income statement provide summary of all revenues and expenses.It provides true profit of the company…

Answered: What was Bubba's net income for 2020?

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What was Bubba's net income for 2020?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 19P: Anoka Company reported the following selected items in the shareholders equity section of its...

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Lyon Company shows the following condensed income statement information for the year ended December 31, 2019: Lyon declared dividends of 6,000 on preferred stock and 17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible. Required: 1. Compute the 2019 basic earnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements.
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