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Altar, Corp., earned net income of $118,000 for 2012. Altar’s books

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E13-20 Altar, Corp., earned net income of $118,000 for 2012. Altar’s books include the following
figures:

Preferred stock, 3%, $50 par, 1,000 shares issued
and outstanding . . . . . . . . . . . . . . . . . . . . . . .$ 50,000
Common stock, $2 par, 53,000 issued . . . . . . . . . .106,000
Paid-in capital in excess of par—common . . . . . . .460,000
Treasury stock, common, 1,200 at cost . . . . . . . . .24,000

Requirement
1. Compute Altar’s EPS for the year.

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