2. Gold Co. had 200,000 shares of common stock, 40,000 shares of convertible preferred stock, and S5,000,000 of 6% convertible bonds outstanding during 2021. The preferred stock is convertible into 50,000 shares of common stock. During 2021, Gold paid dividends of S.65 per share on the common stock and S4 per share on the preferred stock. Each $1,000 bond is convertible into 50 shares of common stock. The net income for 2021 was $500,000 and the income tax rate was 20%. Diluted earnings per share for 2021 is?

2. Gold Co. had 200,000 shares of common stock, 40,000 shares of convertible preferred stock, and S5,000,000 of 6% convertible bonds outstanding during 2021. The preferred stock is convertible into 50,000 shares of common stock. During 2021, Gold paid dividends of S.65 per share on the common stock and S4 per share on the preferred stock. Each $1,000 bond is convertible into 50 shares of common stock. The net income for 2021 was $500,000 and the income tax rate was 20%. Diluted earnings per share for 2021 is?

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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