1. Springer Inc. began 2021 with 10,000 shares of common stock outstanding with a par value of $10 per share. Springeralso had 4,000 shares of cumulative, convertible, 9.5%, $100 par preferred stock outstanding at the beginning of 2021.Each share of preferred stock is convertible into 2 shares of common stock.The following items occurred during the year:Isssued 5,000 shares of common stockIssued 10,000 shares of preferred stockDeclared a 3-1 stock split on common stockReacquired 15,000 shares of common stock1-Mar1-Apr1-Jun31-Aug1-DecIssed a 15% stock dividend on common stockSpringer also has $100,000 of convertible bonds with a 7% interest rate. Each $1,000 bond is convertible into 13 shares ofcommon stock. The bonds are outstanding for the entire year. Ignore income taxes for the purposes of this problem.Springer earned net income of $175,000 in 2021Calculate basic earnings per share and diluted earnings per share for 2021.

Shares of common stock Number of shares January 1 10000 shares outstanding 10000 March 1…

1. Springer Inc. began 2021 with 10,000 shares of common stock outstanding with a par value of $10 per share. Springer also had 4,000 shares of cumulative, convertible, 9.5%, $100 par preferred stock outstanding at the beginning of 2021. Each share of preferred stock is convertible into 2 shares of common stock. The following items occurred during the year: Isssued 5,000 shares of common stock Issued 10,000 shares of preferred stock Declared a 3-1 stock split on common stock 1-Mar 1-Apr 1-Jun 31-Aug 1-Dec Reacquired 15,000 shares of common stock Issed a 15% stock dividend on common stock Springer also has $100,000 of convertible bonds with a 7% interest rate. Each $1,000 bond is convertible into 13 shares of common stock. The bonds are outstanding for the entire year. Ignore income taxes for the purposes of this problem. Springer earned net income of $175,000 in 2021 Calculate basic earnings per share and diluted earnings per share for 2021.

1. Springer Inc. began 2021 with 10,000 shares of common stock outstanding with a par value of $10 per share. Springer also had 4,000 shares of cumulative, convertible, 9.5%, $100 par preferred stock outstanding at the beginning of 2021. Each share of preferred stock is convertible into 2 shares of common stock. The following items occurred during the year: Isssued 5,000 shares of common stock Issued 10,000 shares of preferred stock Declared a 3-1 stock split on common stock 1-Mar 1-Apr 1-Jun 31-Aug 1-Dec Reacquired 15,000 shares of common stock Issed a 15% stock dividend on common stock Springer also has $100,000 of convertible bonds with a 7% interest rate. Each $1,000 bond is convertible into 13 shares of common stock. The bonds are outstanding for the entire year. Ignore income taxes for the purposes of this problem. Springer earned net income of $175,000 in 2021 Calculate basic earnings per share and diluted earnings per share for 2021.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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