Question：Z Co has 80,000 shares in issue and makes a 1 for 4 rights issue on 1 September 20X6 at $1 per share.
　　The last cum-rights price was $1.50. Total earnings for 20X6 were $120,000.
　　What is the restated EPS for 20X5 if the net profit for that year was $100,000 (in $s, to two decimal places)?
　　$________
　　The correct answer is:$1.17
　　解析：EPS is restated to take account of the rights issue for comparability:
　　Without the rights issue EPS = $100,000/80,000 = $1.25
　　The theoretical ex-rights price is:
　　((4 shares at $1.50 each) + (1 share at $1))/5 = $1.40
　　Adjusting for the rights issue: $1.25 × (1.40/1.50) = $1.17
　　Remember that the original EPS for the corresponding period must be multiplied by:
　　Theoretical ex-rights price
　　Market price on the last day of quotation with rights
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