The case says that Ragan Inc. is owned by a brother and sister; each has 50,000 shares of stock in the company. This means there is a total of 100,000 shares outstanding.
The case says that the Earnings Per Share (EPS) for Ragan is $3.15; EPS is calculated by dividing net income by total shares outstanding. This means the net income for the company is $315,000
Equity is increased by Net income minus dividends
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