E12-23 McCoy Corporation has outstanding at December 31, 2008, 50,000 shares of $20 par

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McCoy Corporation has outstanding at December 31, 2008, 50,000 shares of $20 par
value, cumulative, 8% preferred stock and 200,000 shares of $5 par value common stock. All shares were outstanding the entire year. During 2008, McCoy earned total revenues of
$2,000,000 and incurred total expenses (except income taxes) of $1,200,000. McCoy’s income tax rate is 30%.

Instructions
Compute McCoy’s 2008 earnings per share