CHAPTER 31
PAS 33- EARNINGS PER SHARE
BASIC EARNINGS PER SHARE
Simple Problems
PROBLEM 31-1 (AICPA Adapted)
On December 31, 2019 and 2018, Gow Company had 100,000 ordinary
shares and 10,000 cumulative preference shares of 5%, P100 par value.
No dividends were declared on either the preference or ordinary shares
in 2019 or 2018. Net income for the current year was P900,000. What
amount should be reported as basic earnings per share?
A. 8.50
B. 9.50
C. 9.00
D. 5.00
Answer. A. 8.50
Preference share capital (10,000 x P100)
Net income.
Preference dividends (1,000,000 x 5%)
Net income to ordinary shares.
1,000,000
900,000
(50,000)
850,000
BASIC EARNINGS PER SHARE (850,000/100,000 ordinary shares) P8.50
Whether cumulative or noncumulative, only one year preference
dividend is deducted from net income.
If cumulative, the preference dividend is deducted regardless of
declaration.
If noncumulative, the preference dividend is deducted only when
declared.
PROBLEM 31-2(AICPA Adapted)
Royal Company reported the ff. capital structure on Jan. 1, 2019:
Ordinary share capital
Preference share capital.
Shares issued and outstanding
200,000
50,000
On October 1, 2019, the entity issued a 10% share dividends on ordinary
shares and declared the annual cash dividend of P200,000 on preference
shares. The preference shares are noncumulative, nonparticipating and
nonconvertible.
Net income for the year ended December 31, 2019 was P1,920,000.
What amount should be reported as basic earnings per share?
A. 8.20
B. 8.72
C. 9.36
D. 7.82
Answer: D. 7.82
Ordinary shares - January 1, 2019
200,000
20,000
220,000
Share dividends on October 1, 2019(10% x 200,000)
Total ordinary share outstanding
Net income
Preference dividend
Net income to ordinary shares
BASIC EARNINGS PER SHARE (1,720,000 / 220,000)
1,920,000
(200,000)
1,720,000
P7.82
Note that the preference shares are noncumulative but the annual
preference dividend is deducted from net income because it was declared
during the year.
Otherwise, the annual preference dividend is ignored in the absence of
declaration.
PROBLEM 31-3 (AICPA Adapted)
Ute Company had the following capital structure during 2019:
Preference share capital, P10 par, 4%
cumulative, 25,000 shares issued and
outstanding
250,000
Ordinary share capital, P5 par value, 200,000
shares issued and outstanding
1,000,000
The entity reported net income of P500,000 for the year ended
December 31, 2019.
The entity paid no preference dividends during 2018 and paid P16,000
preference dividends during 2019
What amount should be reported as basic earnings per share?
a. 2.42
b. 2.45
c. 2.48
d. 2.50
Answer: b. 2.45
Net income
Preference dividend for 1 year(250,000 x 4%)
Net income to ordinary shares
BASIC EARNINGS PER SHARE (490,000/200,000)
500,000
(10,000)
490,000
P2.45
PROBLEM 31-4 (IFRS)
Smart Company reported a profit before tax of P5,800,000 and income tax
expense of P1,500,000 for the current year.
The entity paid during the year an ordinary dividend of P400,000 and a preference
dividend of P500,000 on the preference shares.
The entity had a P1,000,000 of P5 par value ordinary shares in issue.
1. What amount should be reported as basic earnings per share if the
preference shares are redeemable?
A. 21.50
B. 19.00
C. 8.60
D. 7.60
Answer: A. 21.50
Ordinary share outstanding (1,000,000/5)
BASIC EARNINGS PER SHARE (4,300,000/200,000)
200,000
P21.50
The preference dividend is ignored because the preference shares are redeemable
and considered as financial liability.
The preference dividend of P500,000 is already deducted from the net income as a
finance cost.
2. What amount should be reported as basic earnings per share if the
preference shares are nonredeemable?
A. 29.00
B. 19.00
C. 21.50
D. 16.50
Answer: B. 19.00
Net income
4,300,000
Preference dividend
(500,000)
Net income to ordinary share
3,800,000
BASIC EPS (3,800,000/200,000)
In the absence of any contrary statements, the preference shares are
nonredeemable.
P19.00
PROBLEM 31-5 (IAA)
On January 1, 2019, Pink Company had 200,000 ordinary shares and
100,000 4% P100 par value cumulative preference share outstanding.
No dividends were declared on either the preference or ordinary shares
in 2018 and 2019.
On December 31, 2019, the entity declared a 100% share dividend on
ordinary shares.
Net income for 2019 was P7,500,000.
What amount should be recorded as basic earnings per share?
A. 35.50
B. 37.50
C. 17.75
D. 18.75
Answer: C. 17.75
Net income
Preference dividend (4% x 10,000,000)
Net income to ordinary shares
Divided by ordinary shares
BASIC EARNINGS PER SHARE
7,500,000
( 400,000)
7,100,000
400,000
P 17.75
Original ordinary shares
Share dividend (100%)
Total ordinary shares
200,000
200,000
400,000
The share split should be retroactively applied to the earliest period
presented.
Note also that the share split occurred prior to the issuance of the
financial statements.
Otherwise, if the share split occurred after the issuance of the financial
statements, the share split is ignored.
PROBLEM 31-6 (IAA)
Laguna Company reported net income of P15,000,000 for the current
year. The entity showed the following shareholder’s equity at year-end:
Preference share capital 10% cumulative, P50
par value, 100,000 shares
Ordinary share capital, P100 par value, 300,000
shares
Share premium
Retained earnings
Treasury ordinary shares, 50,000 at cost
5,000,000
30,000,000
10,000,000
18,000,000
4,000,000
What amount should be reported as basic earnings per share?
A. 58.00
B. 60.00
C. 73.60
D. 48.33
Answer: a. 58.00
Ordinary Shares issued (30,000,000 / 100 par value)
Treasury shares
300,000
( 50,000)
Ordinary shares outstanding
Net income
Preference dividend (5,000,000 x 10%)
Net income to ordinary shares
BASIC EPS(14,500,000 / 250,000)
250,000
15,000,000
( 500,000)
14,500,000
P58.00
Note that the numerator is net income reflecting all items including in
profit or loss, such as casualty cost.
PROBLEM 31-7 (IFRS)
On January 1, 2019, Sabina Company had ordinary share capital
outstanding of P100 par value, 200,000 shares or a total par value of
P20,000,000.
On July 1, 2019, a bonus issue was made in the ratio of one additional
ordinary share for each original share. The net income for the current
year was P12,000,000.
What amount should be reported as basic earnings per share?
A. 30
B. 40
C.60
D. 20
Answer: A. 30
January 1
July 1
Total ordinary shares
Ordinary shares
Bonus issue
EARNINGS PER SHARE (12,000,000/400,000)
The bonus issue is the equivalent of a share dividend.
200,000
200,000
400,000
P30.00
PROBLEM 31-8 (Application Guidance PAS 33)
On January 1, 2019, Gina Company had 300,000 ordinary shares
outstanding, P100 par value or a total par value of P30,000,000.
During 2019, the entity issued rights to acquire one ordinary share at
P100 in the ratio of one share for every 5 shares held.
The rights are exercised on March 31, 2019. The market value of each
ordinary share immediately prior to March 31, 2019 was P160.
The net income for 2019 was P6,000,000.
What amount should be reported as basic earnings per share?
A. 17.14
B. 16.67
C. 18.75
D. 17.39
Answer: A. 17.14
Theoretical Value of Rights
Value of one rights = Market value of share right on – subscription price
Number of rights to purchase one share + 1
Applying the formula for the theoretical value of rights is
= 160-100 / 5+1
=60/6
=P10 per right
Market value of shares-right on
Theoretical Value of rights
Market value of share ex-right.
Adjustment factor
160
10
150
160/150
The number of ordinary shares outstanding prior to the exercise of the
rights is multiplied by an adjustment factor whose numerator is the
market value of the share rights-on and the denominator is the market
value of the shares ex-right.
Ordinary shares- January 1
Ordinary shares issued thru exercise of rights on March
31, 2019 (300,000 /5)
Total ordinary shares on March 31
January 1
300,000 x 160/150 x 3/12
March 31
300,000 x 9/12
360,000
80,000
270,000
Average number of shares
Basic EPS ( 6,000,000 / 350,000)
300,000
60,000
350,000
P17.14
PROBLEM 31-9 (Application Guidance PAS 33)
On January 1, 2019, Excel Company had 600,000 ordinary shares
outstanding.
During 2019, the entity issued rights to acquire one ordinary share at P10
in the ratio of one new share for every 4 shares outstanding
The rights are exercised on October 1, 2019. The market value of the
ordinary share immediately prior to the rights issue is P35.
The net income for the year is P8,550,000.
What amount should be reported as basic earnings per share?
A. 11.40
B. 12.00
C. 14.25
D. 13.41
Answer: B. 12.00
Applying the formula for the theoretical value of rights is
= 35-10 / 4+1
=25/5
=P5 per right
Market value of shares-right on
Theoretical Value of rights
Market value of share ex-right.
Adjustment factor
35
5
30
35/30
Ordinary shares- January 1
Ordinary shares issued thru exercise of rights on October
1, 2019 (600,000 /4)
Total ordinary shares on October 1
750,000
January 1
600,000 x 35/30 x 9/12
525,000
March 31
750,000 x 3/12
187,500
Average number of shares
600,000
150,000
712,500
Basic EPS ( 8,550,000 / 712,500)
P12.00
PROBLEM 31-10 (IAA)
During the current year, Innova Company had outstanding 200,000
ordinary shares and 20,000 cumulative preference shares with a P10 par
share dividend.
The entity had a P3,000,000 net loss for the year. No dividends were
declared or paid.
What amount should be reported as basic loss per share?
A. 15.00
B. 16.00
C. 10.00
D. 10.67
Answer: B. 16.00
Net loss
Preference dividend (20,000 x 10)
Total loss to ordinary shares
BASIC LOSS PER SHARE (3,200,000/ 200,000)
3,000,000
200,000
3,200,000
P16.00
The annual preference dividend is added to the net loss to get the total
loss attributable to the ordinary shares.
CHAPTER 32
Basic EARNINGS PER SHARE
Average shares
PROBLEM 32-1 (AICPA Adapted)
Jet Company provided the ff. information for the current year:
January 1
April 1
July 1
Shares outstanding
2-for-1 share split
Shares issued
200,000
200,000
100,000
What is the average number of shares?
A. 400,000
B. 450,000
C. 500,000
D. 540,000
Answer: B. 450,000
January 1
200,000 x 2 x 12/12
July 1
100,000 x 6/12
400,000
50,000
450,000
The share split is recognized retroactively, meaning, it is treated as a
change from the date of original shares are issued.
Thus, the balance of 200,000 shares on January 1 would become 400,000
as a result of a 2-for-1 share split.
PROBLEM 32-2 (AICPA Adapted)
Timp Company had the ff. transactions during the year:
January 1
Ordinary shares outstanding
February 1
Issued a 10% share dividend
March 1
Issued ordinary shares in a business
combination
July 1
Issued ordinary shares for cash
December 1
Ordinary shares outstanding
300,000
30,000
90,000
80,000
500,000
What is the weighted average number of shares outstanding?
A. 400,000
B. 442,000
C. 445,000
D. 460,000
Answer: C. 445,000
January 1
300,000x 1.10 x 12/12
March 1
90,000 x 10/12
July 1
80,000 x 6/12
Average number of shares
330,000
75,000
40,000
445,000
The share dividend is treated as a change from the date of original shares
are issued.
Thus, the balance of 300,000 on January 1 would become 330,000 shares.
PROBLEM 32-3 (IAA)
Sharon Company provided the ff. information in relation to share capital
for the current year:
January 1
Shares outstanding
1,250,000
April 1
Shares issued
200,000
October 1
Treasury shares purchased
100,000
December 1 Issued a 100% share dividend
What is the amount of weighted average shares?
A. 2,700,000
B. 2,775,000
C. 2,750,000
D. 1,350,000
Answer: C. 2,750,000
January 1
1,250,000 x 200%
April 1
200,000 x 200% x 9/12
October 1
100,000 x 200% x 3/12
Average number of shares
2,500,000
300,000
(50,000)
2,750,000
PROBLEM 32-4 (IAA)
At the beginning of the current year, Nissan Company had 200,000
ordinary shares outstanding. During the current year, the following
events occured:
March 1
2-for-1 share split
June 1
Issued 30,000 additional shares
September 1
20% share dividend
What is the weighted average number of shares outstanding?
A. 276,000
B. 261,000
C. 230,000
D. 256,000
Answer: B. 261,000
January 1
100,000 x 2 x 1.20 x 12/12
June 1
30,000 x 1.20 x 7/12
Average number of shares
PROBLEM 32-5 (IAA)
240,000
21,000
261,000
Shane Company had 100,000 ordinary shares issued and outstanding at
the beginning of the year.
During the current year, the entity had the ff. ordinary shares
transactions:
April 1
May 1
June 30
July 31
December 31
Issued 30,000 previously unissued shares
Split the share 2 for 1
Purchased 10,000 shares for the treasury
Distributed a 20% share dividend
Split the share 3 for 1
What is the weighted average number of shares that should be used in
calculating earnings per share?
A. 288,000
B. 864,000
C. 882,000
D. 972,000
Answer: B. 864,000
January 1
April 1
June 30
100,000 x 2 x 1.20 x 3 x 12/12
30,000 x 2 x 1.20 x 3 x 9/12
10,000 x 1.20 x 3 x 6/12
720,000
162,000
(18,000)
864,000
The January 1 balance is adjusted for the 2 for 1 split, 20% share dividend
and 3 for 1 split.
The April 1 issue is adjusted for 2 for 1 split, 20% share dividend and 3 for
1 share split.
The June 30 treasury shares are adjusted for the 20% share dividend and
3 for 1 share split.
PROBLEM 32-6 (IAA)
Helen Company provided the ff. share transactions for the current year:
January 1
Shares outstanding
44,000
February 1
Issued for cash
56,000
May 1
Acquired treasury shares
25,000
August 1
25% share dividend
September 1 Resold treasury shares
10,000
November 1
Issued 3 for 1 share split
What is the weighted average number of shares for EPS computation?
A. 305,000
B. 307,500
C. 103,750
D. 311,250
Answer: A. 305,000
January 1
February 1
May 1
September 1
44,000 x 1.25 x 3 x 12/12
56,000 x 1.25 x 3 x 11/12
25,000 x 1.25 x 3 x 8/12
10,000 x 3 x 4/12
165,000
192,500
(62,500)
10,000
305,000
The January 1 balance is adjusted for the 25% share dividend and 3 for 1
split.
The February 1 issue is adjusted for 2 for 25% share dividend and 3 for 1
share split.
The May 1 treasury shares are adjusted for the 25% share dividend and 3
for 1 share split.
The September 1 resold of treasury is adjusted for the 3 for 1 split.
PROBLEM 32-7 (IAA)
Wisconsin Company had 250,000 ordinary shares outstanding on January
1, 2019.
During 2019 and 2020, the ff. transactions took place:
2019
March 1
July 1
October 1
December 1
Sold 24,000 shares
Issued a 20% share dividend
Sold 16,000 shares
Purchased 15,000 shares to be held in
treasury
2020
June 1
September 1
3 for 1 share split
Sold 60,000 shares
1. What is the weighted average number of shares for 2019 to be used in
the earnings per share computation for comparative financial statements
of 2020?
A. 980,250
B. 329,800
C. 984,000
D. 969,000
2. What is the weighted average number of shares for 2020 to be used in
the earnings per share computation for comparative financial statements
of 2020?
A. 1,009,400
B. 1,049,400
C. 1,169,400
D. 989,400
Answer for no. 1- A. 980,250
2019
January 1
March 1
October 1
December 1
250,000 x 1.2 x 3 x 12/12
24,000 x 1.2 x 3 x 10/12
16,000 x 1.2 x 3/12
15,000 x 1.2 x 1/12
January 1, 2019
March 1, 2019
July 1, 2019 (20% x 274,000)
October 1, 2019
December 1, 2019
900,000
72,000
12,000
(3,750)
980,250
250,000
24,000
54,800
16,000
(15,000)
Outstanding shares-December 31, 2019
Answer for no. 2- A. 1,009,400
2020
January 1
329,800 x 3 x 12/12
September 1
60,000 x 4/12
329,800
989,400
20,000
1,009,400
PROBLEM 32-8
Precise Company had a net income of P15,000,000 for the current year.
The ff. appropriations have not been considered in this amount:
Arrears of cumulative preference divided by 2 years
4,000,000
Ordinary dividends
Preference share premium payable on redemption
Exceptional profit, net of tax
5,000,000
1,000,000
4,000,000
The entity had 3,000,000 ordinary shares of P1 par value outstanding at
the beginning of the year. The ff. share transactions occured during the
current year:
January 1
April 1
July 1
Issued at P5 per share, P1 paid to date and
entitled to participate in dividends to the extent
paid up
Full market price P3 per share issue
Purchase of own shares
250,000
600,000
400,000
What amount should be reported as basic earnings per share?
A. 4.85
B. 4.57
C. 3.64
D. 3.94
Answer: A. 4.85
Net income per book
Exceptional profit
Adjusted net income
Preference dividend for the current year (4M/2)
Preference share premium payable on redemption
Net income to ordinary shares
15,000,000
4,000,000
19,000,000
(2,000,000)
(1,000,000)
16,000,000
The preference share premium payable on redemption can be considered
as dividend on participating preference share.
January 1
January 1
April 1
July 1
3,000,000 x 12/12
250,000 x 1/5 x 12/12
600,000 x 9/12
400,000 x 6/12
Average shares
BASIC EARNINGS PER SHARE
(16,000,000/3,300,000)
4.85
3,000,000
50,000
450,000
(200,000)
3,300,000
PROBLEM 32-9 (AICPA Adapted)
Strauch Company had one class of ordinary share capital outstanding
and no other securities that are potentially convertible into ordinary
shares. During 2019, 100,000 shares were outstanding.
In 2020, two distributions of additional ordinary shares occured:
April 1- 20,000 treasury shares were sold
July 1- A 2-for-1 share split was issued
The net income for 2020 was P4,485,000 and the net income for 2019
was P3,500,000.
1. What amount should be reported as basic earnings per share for 2020
in the comparative income statement for 2020?
A. 20.50
B. 19.50
C. 22.42
D. 18.69
2. What amount should be reported as basic earnings per share for 2019
in the comparative income statement for 2020?
A. 35.00
B. 17.50
C. 15.22
D. 14.28
Answer for no.1- B. 19.50
January 1, 2020
200,000 x 12/12
April 1, 2020
20,000 x 2 x 9/12
Average Shares
2020 Basic Earnings Per Share (4,485,000/230,000)
200,000
30,000
230,000
19.50
Answer for no.2- B.17.50
Dec 31, 2019
Balance
July 1, 2020
2-for-1 share split
Total ordinary shares-Dec.31,2019
2019 Basic Earnings Per Share(3,500,000/200,000)
100,000
100,000
200,000
17.50
PROBLEM 32-10 (IAA)
On January 1, 2019, Shane Company had 100,000 ordinary shares
outstanding.
The ff. transactions occured during 2019:
March 1 Reacquired 30,000 shares accounted for as treasury
Sept. 1
Sold all treasury shares
Dec. 1
Sold 66,000 new shares for cash
Dec. 31
Reported a net income of P2,600,000
The ff. transactions occured during 2020
Jan. 15
Dec. 31
Declared and issued a 25% share dividend
Reported a net income of P4,000,000
1. What amount should be reported as basic earnings per share for 2019
for presentation in comparative financial statements on December 31,
2020?
A. 15.88
B. 20.00
C. 20.80
D. 19.90
2. What amount should be reported as basic earnings per share for 2020
for presentation in comparative financial statements on December 31,
2020?
A. 24.10
B. 19.28
C. 30.77
D. 32.00
Answer for No.1- B.20.00
2019
Jan. 1
100,000 x 1.25 x 12/12
March 1
3,000 x 1.25 x 10/12
Sept.1
3,000 x 1.25 x 4/12
Dec. 1
66,000 x 1.25 x 1/12
Average shares outstanding
2019 Basic Earnings Per Share(2,600,000/130,000)
125,000
(3,125)
1,250
6,875
130,000
20.00
Answer for no.2- B.19.28
2020
Jan. 1
Outstanding
March 1
Treasury shares purchased
Sept. 1
Resale of treasury shares
Dec. 1
New issue
Ordinary shares-Dec.31,2019
100,000
(3,000)
3,000
66,000
166,000
Average share outstanding for 2020(166,000 x 1.25)
2020 Basic Earnings Per Share (4,000,000/207,500)
207,500
19.28
The 25% share dividend declared and issued on January 15, 2020 should
be treated retroactively.
CHAPTER 33
DILUTED EARNINGS PER SHARE
Convertible Preference Shares
Convertible Bonds Payable
PROBLEM 33-1 (AICPA Adapted)
Dunn Company had 200,000 ordinary shares of P20 par value and 20,000
shares of P100 par, 6% cumulative, convertible preference share capital
outstanding for the entire current year. Each preference share is
convertible into 5 ordinary shares.
The net income for the current year was P840,000.
What amount should be reported as diluted earnings per share?
A. 2.40
B. 2.80
C. 3.60
D. 4.20
Answer: B. 2.80
Ordinary share outstanding
Potential ordinary shares to be issued for conversion of
preference shares (20,000 x 5)
Total ordinary shares
Diluted Earnings Per Share (840,000/300,000)
200,000
100,000
300,000
2.80
Under diluted EPS, the annual dividend on the convertible preference
share is no longer deducted from net income because it is assumed that
the preference share is already converted into ordinary shares.
PROBLEM 33-2 (AICPA Adapted)
Cox Company had 1,200,000 ordinary shares outstanding on January 1
and December 31, 2019.
In connection with the acquisition of a subsidiary in previous year, the
entity is required to issue 50,000 additional ordinary shares on July 1,
2020 to the former owners of the subsidiary.
The entity paid P200,000 annual preference dividend in 2019 and
reported a net income of P3,400,000 for the current year.
The preference share capital is noncumulative and nonconvertible.
What amount should be reported as diluted earnings per share?
A. 2.83
B. 2.72
C. 2.67
D. 2.56
Answer: D. 2.56
Ordinary shares outstanding
Potential ordinary shares to be issued in the acquisition of
subsidiary
Total ordinary shares
1,200,000
50,000
Net income
Preference dividend
Net income to ordinary shares
3,400,000
(200,000)
3,200,000
1,250,000
Diluted EPS (3,200,000/1,250,000)
2.56
Note that the preference share is nonconvertible and therefore not a
potential ordinary share.
Thus, the preference dividend paid is deducted from net income.
PROBLEM 33-3 (AICPA Adapted)
Petrock provide the ff. information at year-end:
Original share capital
Convertible preference share capital
2018
90,000
10,000
2019
90,000
10,000
During 2019, Petrock Company paid dividends of P1.00 per ordinary
share and P2.40 for preference share.
The preference share capital is convertible into 20,000 ordinary shares.
The net income for 2019 was P285,000. The income tax rate is 30%.
1. What amount should be reported as basic earnings per share?
A. 3.17
B. 2.90
C. 3.43
D. 2.85
2. What amount should be reported as diluted earnings per share?
A. 2.53
B. 2.61
C. 2.90
D. 2.51
Answer to no.1- B.2.90
Net income
Preference dividend (10,000 x 2.40)
Net income-ordinary
Basic Earnings Per Share (261,000/90,000)
285,000
(24,000)
261,000
2.90
Answer to no.2- D.2.51
Ordinary share outstanding
Potential ordinary shares-convertible preference
Total ordinary shares
Diluted EPS (285,000/110,000)
90,000
20,000
110,000
2.51
PROBLEM 33-4 (IAA)
At the beginning of the current year, Vios Company had 100,000 ordinary
share outstanding.
In addition, the entity had issue 100,000 conertible cumulative 5%
preference share with P100 par at the beginning of the current year.
These preference shares were converted on Sept 1.
Each preference share was converted into 6 ordinary shares.
The preference dividends for the entire year were paid in full before the
conversion.
The entity has no other potentially dilutive securities. Net income for the
current year was P2,000,000.
1. What amount should be reported as basic earnings per share?
A. 16.25
B. 16.67
C. 20.00
D. 19.50
2. What amount should be reported as diluted earnings per share?
A. 12.50
B. 12.19
C. 16.25
D. 19.50
Answer for no.1- A.16.25
January 1
Outstanding
September 1 Conversion (10,000 x 6 x 4/12)
Average share outstanding
Net income
Preference dividend (1,000,000 x 5%)
Net income to ordinary shares
Basic Earnings Per Share (1,950,000/120,000)
Answer to no.2- A.12.50
January 1
Outstanding
September 1
Conversion (10,000 x 6)
Total ordinary shares
Diluted EPS (2,000,000 / 160,000)
100,000
20,000
120,000
2,000,000
(50,000)
1,950,000
16.25
100,000
60,000
160,000
12.50