Melrose manufacturing has net sales revenue of $624,000, cost of goods sold of $274,560, net income of $95,360, and preferred dividends of $8,000 during the current year. at the beginning of the year, 402,400 shares of common stock were outstanding, and, at the end of the year, 429,600 shares of common stock were outstanding. a total of 1,000 preferred shares were outstanding throughout the year. the company's earnings per share for the current year is closest to:

Reynolds corp. factors $400,000 of accounts receivable with mateer finance corporation on a without recourse basis on july 1, 2015. the receivables records are transferred to mateer finance, which will receive the collections. mateer finance assesses a finance charge of 1 ½ percent of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. the transaction is to be recorded as a sale. required: a. prepare the journal entry on july 1, 2015, for reynolds corp. to record the sale of receivables without recourse. b. prepare the journal entry on july 1, 2015, for mateer finance corporation to record the purchase of receivables without recourse— think through this. c. explain the difference between sale of receivables with recourse as oppose to without recourse.