Two companies are financed as follows:
X Co. Y Co.
Bonds payable, 9% issued at face $5,000,000 / $3,000,000
Common stock, $20 par 3,000,000 /3,000,000
Income tax is estimated at 40% of income.
*Determine for each company the earnings per share of common stock, assuming that the income before bond interest and income taxes is $1,500,000 each.
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